TY - JOUR
T1 - Stock salience and the asymmetric market impact of consumer sentiment news
AU - Akhtar, Shumi
AU - Faff, Robert
AU - Oliver, Barry
AU - Subrahmanyam, Avanidhar
PY - 2012
Y1 - 2012
N2 - We document asymmetric announcement effects of consumer sentiment news on United States stock and stock futures markets. While a negative market effect occurs upon the release of bad sentiment news, there is no market reaction for the counterpart good news. This supports the ''negativity effect'' hypothesis. Notably, this effect seems most likely to occur in salient stocks, which is consistent with the availability heuristic.
AB - We document asymmetric announcement effects of consumer sentiment news on United States stock and stock futures markets. While a negative market effect occurs upon the release of bad sentiment news, there is no market reaction for the counterpart good news. This supports the ''negativity effect'' hypothesis. Notably, this effect seems most likely to occur in salient stocks, which is consistent with the availability heuristic.
UR - http://handle.uws.edu.au:8081/1959.7/564653
U2 - 10.1016/j.jbankfin.2012.07.019
DO - 10.1016/j.jbankfin.2012.07.019
M3 - Article
SN - 0378-4266
VL - 36
SP - 3289
EP - 3301
JO - Journal of Banking and Finance
JF - Journal of Banking and Finance
IS - 12
ER -