Investor sentiment in the Nordic stock markets

Tämä tutkimus tarkastelee sentimentin vaikutusta pohjoismaisilla osakemarkkinnoilla: Suomi, Tanska, Ruotsi, Norja ja Islanti. Tässä yhteydessä tarkastellaan myös Yhdysvaltojen sentimentin asemaa. Ajatus tämän taustalla on havaita mahdollisen sentimentin ”heijastumisen” vaikutus. Lisäksi tutkimuksess...

Full description

Bibliographic Details
Main Author: Shoaib, Gul
Other Authors: Kauppakorkeakoulu, School of Business and Economics, Taloustieteet, Business and Economics, Jyväskylän yliopisto, University of Jyväskylä
Format: Master's thesis
Language:eng
Published: 2019
Subjects:
Online Access: https://jyx.jyu.fi/handle/123456789/63090
_version_ 1826225764744298496
author Shoaib, Gul
author2 Kauppakorkeakoulu School of Business and Economics Taloustieteet Business and Economics Jyväskylän yliopisto University of Jyväskylä
author_facet Shoaib, Gul Kauppakorkeakoulu School of Business and Economics Taloustieteet Business and Economics Jyväskylän yliopisto University of Jyväskylä Shoaib, Gul Kauppakorkeakoulu School of Business and Economics Taloustieteet Business and Economics Jyväskylän yliopisto University of Jyväskylä
author_sort Shoaib, Gul
datasource_str_mv jyx
description Tämä tutkimus tarkastelee sentimentin vaikutusta pohjoismaisilla osakemarkkinnoilla: Suomi, Tanska, Ruotsi, Norja ja Islanti. Tässä yhteydessä tarkastellaan myös Yhdysvaltojen sentimentin asemaa. Ajatus tämän taustalla on havaita mahdollisen sentimentin ”heijastumisen” vaikutus. Lisäksi tutkimuksessa selvitetään, vaikuttavatko Yhdysvaltain ja/ tai alueelliset -sentimentti indeksit paikallisiin maakohtaisiin ja alueellisiin indekseihin. Lopuksi tarkastellaan myös, vaikuttavatko paikalliset ja/ tai alueelliset (osake) tuotot sentimenttiin. Tulokset näyttävät suhteen sentimentin ja osaketuottojen välillä koskien kaikkia pohjoismaita. Lisäksi käsite sentimentin heijastumisesta saa myös tukea. Vaikutukset eivät kuitenkaan ole yhtenäisiä koskien kaikkia maita sillä maat osoittavat vaihtelevaa herkkyyttä eri sentimentti indeksejä kohtaan. Tutkimuksessa myös todetaan ulkopuolisen sentimentin vaikutus paikalliseen sentimenttiin. Esimerkiksi Norjan tilanteessa on nähtävissä Yhdysvaltain maakohtaisen sentimentin positiivinen vaikutus Norjan maakohtaiseen sentimenttiin; Yhdysvaltain korkean maakohtaisen sentimentin voidaan nähdä ennakoivan suhteellisesti korkeampaa maakohtaista sentimenttiä Norjassa seuraavana kuukautena. Koskien tuotto- sentimentti suhdetta, tuloksissa korostuu etenkin OMX- Helsinki tuottojen vahva vaikutus seuraavan kuukauden sentimenttiin; edelliskuukauden korkeammat osaketuotot pohjustavat suhteellisesti korkeampaa sentimenttiä Suomessa seuraavana kuukautena. Lisäksi Tanskan ja Norjan -markkina sentimentti, sekä myös euroalueen sentimentti, sekä alueellinen, että markkinakohtainen, osoittavat altistusta edelliskuukauden OMX- Nordic tuottoihin. This study examines the effect of sentiment in the Nordic stock markets: Finland, Denmark, Sweden, Norway and Iceland. In this context, the role of United States’ sentiment is also examined. The notion behind this is to observe the effect of a potential sentiment spillover. In addition, the study examines whether US and/ or regional -sentiment indices impact local country- level sentiment indices and regional indices. Finally, it is tested whether local and/ or regional returns affect sentiment. Results show a relation between sentiment and stock returns regarding all the Nordic countries and provide evidence for the spillover notion as well. The effects are, however, not equal for all countries. Countries show varying levels of sensitivity to different sentiment indices. The impact of external sentiment with regards to local sentiment is observed to prevail as well. For example, in the case of Norway, US country sentiment is seen to positively affect Norwegian country sentiment; high country sentiment in the US is seen predictive of relatively higher local sentiment in Norway in the following month. As to the return- sentiment relationship, previous month OMX- Helsinki returns are seen to strongly influence following period sentiment; higher stock returns in the previous month pave way for relatively higher sentiment in the following month. In addition, Danish and Norwegian -market sentiment, as well as Eurozone sentiment, both country and market, show sensitivity to previous month Nordic returns.
first_indexed 2019-08-19T08:21:16Z
format Pro gradu
free_online_boolean 1
fullrecord [{"key": "dc.contributor.advisor", "value": "Lehkonen, Heikki", "language": "", "element": "contributor", "qualifier": "advisor", "schema": "dc"}, {"key": "dc.contributor.author", "value": "Shoaib, Gul", "language": "", "element": "contributor", "qualifier": "author", "schema": "dc"}, {"key": "dc.date.accessioned", "value": "2019-03-11T09:07:23Z", "language": null, "element": "date", "qualifier": "accessioned", "schema": "dc"}, {"key": "dc.date.available", "value": "2019-03-11T09:07:23Z", "language": null, "element": "date", "qualifier": "available", "schema": "dc"}, {"key": "dc.date.issued", "value": "2019", "language": "", "element": "date", "qualifier": "issued", "schema": "dc"}, {"key": "dc.identifier.uri", "value": "https://jyx.jyu.fi/handle/123456789/63090", "language": null, "element": "identifier", "qualifier": "uri", "schema": "dc"}, {"key": "dc.description.abstract", "value": "T\u00e4m\u00e4 tutkimus tarkastelee sentimentin vaikutusta pohjoismaisilla osakemarkkinnoilla: Suomi, Tanska, Ruotsi, Norja ja Islanti. T\u00e4ss\u00e4 yhteydess\u00e4 tarkastellaan my\u00f6s Yhdysvaltojen sentimentin asemaa. Ajatus t\u00e4m\u00e4n taustalla on havaita mahdollisen sentimentin \u201dheijastumisen\u201d vaikutus. Lis\u00e4ksi tutkimuksessa selvitet\u00e4\u00e4n, vaikuttavatko Yhdysvaltain ja/ tai alueelliset -sentimentti indeksit paikallisiin maakohtaisiin ja alueellisiin indekseihin. Lopuksi tarkastellaan my\u00f6s, vaikuttavatko paikalliset ja/ tai alueelliset (osake) tuotot sentimenttiin.\n\nTulokset n\u00e4ytt\u00e4v\u00e4t suhteen sentimentin ja osaketuottojen v\u00e4lill\u00e4 koskien kaikkia pohjoismaita. Lis\u00e4ksi k\u00e4site sentimentin heijastumisesta saa my\u00f6s tukea. Vaikutukset eiv\u00e4t kuitenkaan ole yhten\u00e4isi\u00e4 koskien kaikkia maita sill\u00e4 maat osoittavat vaihtelevaa herkkyytt\u00e4 eri sentimentti indeksej\u00e4 kohtaan.\n\nTutkimuksessa my\u00f6s todetaan ulkopuolisen sentimentin vaikutus paikalliseen sentimenttiin. Esimerkiksi Norjan tilanteessa on n\u00e4ht\u00e4viss\u00e4 Yhdysvaltain maakohtaisen sentimentin positiivinen vaikutus Norjan maakohtaiseen sentimenttiin; Yhdysvaltain korkean maakohtaisen sentimentin voidaan n\u00e4hd\u00e4 ennakoivan suhteellisesti korkeampaa maakohtaista sentimentti\u00e4 Norjassa seuraavana kuukautena.\n\nKoskien tuotto- sentimentti suhdetta, tuloksissa korostuu etenkin OMX- Helsinki tuottojen vahva vaikutus seuraavan kuukauden sentimenttiin; edelliskuukauden korkeammat osaketuotot pohjustavat suhteellisesti korkeampaa sentimentti\u00e4 Suomessa seuraavana kuukautena. Lis\u00e4ksi Tanskan ja Norjan -markkina sentimentti, sek\u00e4 my\u00f6s euroalueen sentimentti, sek\u00e4 alueellinen, ett\u00e4 markkinakohtainen, osoittavat altistusta edelliskuukauden OMX- Nordic tuottoihin.", "language": "fi", "element": "description", "qualifier": "abstract", "schema": "dc"}, {"key": "dc.description.abstract", "value": "This study examines the effect of sentiment in the Nordic stock markets: Finland, Denmark, Sweden, Norway and Iceland. In this context, the role of United States\u2019 sentiment is also examined. The notion behind this is to observe the effect of a potential sentiment spillover. In addition, the study examines whether US and/ or regional -sentiment indices impact local country- level sentiment indices and regional indices. Finally, it is tested whether local and/ or regional returns affect sentiment.\n\nResults show a relation between sentiment and stock returns regarding all the Nordic countries and provide evidence for the spillover notion as well. The effects are, however, not equal for all countries. Countries show varying levels of sensitivity to different sentiment indices.\n\nThe impact of external sentiment with regards to local sentiment is observed to prevail as well. For example, in the case of Norway, US country sentiment is seen to positively affect Norwegian country sentiment; high country sentiment in the US is seen predictive of relatively higher local sentiment in Norway in the following month.\n\nAs to the return- sentiment relationship, previous month OMX- Helsinki returns are seen to strongly influence following period sentiment; higher stock returns in the previous month pave way for relatively higher sentiment in the following month. In addition, Danish and Norwegian -market sentiment, as well as Eurozone sentiment, both country and market, show sensitivity to previous month Nordic returns.", "language": "en", "element": "description", "qualifier": "abstract", "schema": "dc"}, {"key": "dc.description.provenance", "value": "Submitted by Paivi Vuorio (paelvuor@jyu.fi) on 2019-03-11T09:07:23Z\nNo. of bitstreams: 0", "language": "en", "element": "description", "qualifier": "provenance", "schema": "dc"}, {"key": "dc.description.provenance", "value": "Made available in DSpace on 2019-03-11T09:07:23Z (GMT). No. of bitstreams: 0\n Previous issue date: 2019", "language": "en", "element": "description", "qualifier": "provenance", "schema": "dc"}, {"key": "dc.format.extent", "value": "48", "language": "", "element": "format", "qualifier": "extent", "schema": "dc"}, {"key": "dc.format.mimetype", "value": "application/pdf", "language": null, "element": "format", "qualifier": "mimetype", "schema": "dc"}, {"key": "dc.language.iso", "value": "eng", "language": null, "element": "language", "qualifier": "iso", "schema": "dc"}, {"key": "dc.rights", "value": "In Copyright", "language": "en", "element": "rights", "qualifier": null, "schema": "dc"}, {"key": "dc.subject.other", "value": "investor sentiment", "language": "", "element": "subject", "qualifier": "other", "schema": "dc"}, {"key": "dc.subject.other", "value": "US sentiment", "language": "", "element": "subject", "qualifier": "other", "schema": "dc"}, {"key": "dc.subject.other", "value": "Eurozone sentiment", "language": "", "element": "subject", "qualifier": "other", "schema": "dc"}, {"key": "dc.subject.other", "value": "stock returns", "language": "", "element": "subject", "qualifier": "other", "schema": "dc"}, {"key": "dc.subject.other", "value": "Nordic countries", "language": "", "element": "subject", "qualifier": "other", "schema": "dc"}, {"key": "dc.title", "value": "Investor sentiment in the Nordic stock markets", "language": "", "element": "title", "qualifier": null, "schema": "dc"}, {"key": "dc.type", "value": "master thesis", "language": null, "element": "type", "qualifier": null, "schema": "dc"}, {"key": "dc.identifier.urn", "value": "URN:NBN:fi:jyu-201903111802", "language": "", "element": "identifier", "qualifier": "urn", "schema": "dc"}, {"key": "dc.type.ontasot", "value": "Pro gradu -tutkielma", "language": "fi", "element": "type", "qualifier": "ontasot", "schema": "dc"}, {"key": "dc.type.ontasot", "value": "Master\u2019s thesis", "language": "en", "element": "type", "qualifier": "ontasot", "schema": "dc"}, {"key": "dc.contributor.faculty", "value": "Jyv\u00e4skyl\u00e4 University School of Business and Economics", "language": "en", "element": "contributor", "qualifier": "faculty", "schema": "dc"}, {"key": "dc.contributor.faculty", "value": "Jyv\u00e4skyl\u00e4n yliopiston kauppakorkeakoulu", "language": "fi", "element": "contributor", "qualifier": "faculty", "schema": "dc"}, {"key": "dc.contributor.department", "value": "Taloustieteet", "language": "fi", "element": "contributor", "qualifier": "department", "schema": "dc"}, {"key": "dc.contributor.department", "value": "Business and Economics", "language": "en", "element": "contributor", "qualifier": "department", "schema": "dc"}, {"key": "dc.contributor.organization", "value": "Jyv\u00e4skyl\u00e4n yliopisto", "language": "fi", "element": "contributor", "qualifier": "organization", "schema": "dc"}, {"key": "dc.contributor.organization", "value": "University of Jyv\u00e4skyl\u00e4", "language": "en", "element": "contributor", "qualifier": "organization", "schema": "dc"}, {"key": "dc.subject.discipline", "value": "Taloustiede", "language": "fi", "element": "subject", "qualifier": "discipline", "schema": "dc"}, {"key": "dc.subject.discipline", "value": "Economics", "language": "en", "element": "subject", "qualifier": "discipline", "schema": "dc"}, {"key": "yvv.contractresearch.funding", "value": "0", "language": "", "element": "contractresearch", "qualifier": "funding", "schema": "yvv"}, {"key": "dc.type.coar", "value": "http://purl.org/coar/resource_type/c_bdcc", "language": null, "element": "type", "qualifier": "coar", "schema": "dc"}, {"key": "dc.rights.accesslevel", "value": "openAccess", "language": null, "element": "rights", "qualifier": "accesslevel", "schema": "dc"}, {"key": "dc.type.publication", "value": "masterThesis", "language": null, "element": "type", "qualifier": "publication", "schema": "dc"}, {"key": "dc.subject.oppiainekoodi", "value": "2041", "language": "", "element": "subject", "qualifier": "oppiainekoodi", "schema": "dc"}, {"key": "dc.subject.yso", "value": "sijoittajat", "language": null, "element": "subject", "qualifier": "yso", "schema": "dc"}, {"key": "dc.subject.yso", "value": "p\u00f6rssit", "language": null, "element": "subject", "qualifier": "yso", "schema": "dc"}, {"key": "dc.subject.yso", "value": "osakkeet", "language": null, "element": "subject", "qualifier": "yso", "schema": "dc"}, {"key": "dc.subject.yso", "value": "arvopaperimarkkinat", "language": null, "element": "subject", "qualifier": "yso", "schema": "dc"}, {"key": "dc.subject.yso", "value": "tuotto", "language": null, "element": "subject", "qualifier": "yso", "schema": "dc"}, {"key": "dc.subject.yso", "value": "investors", "language": null, "element": "subject", "qualifier": "yso", "schema": "dc"}, {"key": "dc.subject.yso", "value": "stock exchanges", "language": null, "element": "subject", "qualifier": "yso", "schema": "dc"}, {"key": "dc.subject.yso", "value": "stocks", "language": null, "element": "subject", "qualifier": "yso", "schema": "dc"}, {"key": "dc.subject.yso", "value": "security market", "language": null, "element": "subject", "qualifier": "yso", "schema": "dc"}, {"key": "dc.subject.yso", "value": "yield", "language": null, "element": "subject", "qualifier": "yso", "schema": "dc"}, {"key": "dc.format.content", "value": "fulltext", "language": null, "element": "format", "qualifier": "content", "schema": "dc"}, {"key": "dc.rights.url", "value": "https://rightsstatements.org/page/InC/1.0/", "language": null, "element": "rights", "qualifier": "url", "schema": "dc"}, {"key": "dc.type.okm", "value": "G2", "language": null, "element": "type", "qualifier": "okm", "schema": "dc"}]
id jyx.123456789_63090
language eng
last_indexed 2025-02-18T10:54:36Z
main_date 2019-01-01T00:00:00Z
main_date_str 2019
online_boolean 1
online_urls_str_mv {"url":"https:\/\/jyx.jyu.fi\/bitstreams\/529b6b76-05ea-4653-b649-9286e9c90135\/download","text":"URN:NBN:fi:jyu-201903111802.pdf","source":"jyx","mediaType":"application\/pdf"}
publishDate 2019
record_format qdc
source_str_mv jyx
spellingShingle Shoaib, Gul Investor sentiment in the Nordic stock markets investor sentiment US sentiment Eurozone sentiment stock returns Nordic countries Taloustiede Economics 2041 sijoittajat pörssit osakkeet arvopaperimarkkinat tuotto investors stock exchanges stocks security market yield
title Investor sentiment in the Nordic stock markets
title_full Investor sentiment in the Nordic stock markets
title_fullStr Investor sentiment in the Nordic stock markets Investor sentiment in the Nordic stock markets
title_full_unstemmed Investor sentiment in the Nordic stock markets Investor sentiment in the Nordic stock markets
title_short Investor sentiment in the Nordic stock markets
title_sort investor sentiment in the nordic stock markets
title_txtP Investor sentiment in the Nordic stock markets
topic investor sentiment US sentiment Eurozone sentiment stock returns Nordic countries Taloustiede Economics 2041 sijoittajat pörssit osakkeet arvopaperimarkkinat tuotto investors stock exchanges stocks security market yield
topic_facet 2041 Economics Eurozone sentiment Nordic countries Taloustiede US sentiment arvopaperimarkkinat investor sentiment investors osakkeet pörssit security market sijoittajat stock exchanges stock returns stocks tuotto yield
url https://jyx.jyu.fi/handle/123456789/63090 http://www.urn.fi/URN:NBN:fi:jyu-201903111802
work_keys_str_mv AT shoaibgul investorsentimentinthenordicstockmarkets