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首页> 外文期刊>Pacific-Basin Finance Journal >The power of investor sentiment in explaining bank stock performance: Listed conventional vs. Islamic banks
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The power of investor sentiment in explaining bank stock performance: Listed conventional vs. Islamic banks

机译：投资者情绪解释银行股票表现的力量：上市传统与伊斯兰银行

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We argue that the different features of the Islamic banking model, as being a relatively young industry with recent rapid growth, might influence the magnitude of investor sentiment impact on its market returns differently from its conventional counterparts. Using Google-search-query-based investor sentiment and turnover measures and market data over the period 2006?2017, we find that Islamic banks are more sensitive to fluctuations in investor sentiment than their con-ventional counterparts located in the same country for Bahrain, Egypt, Malaysia, Kuwait, Jordan, Pakistan, Qatar, Saudi Arabia, Turkey, and UAE. Furthermore, our evidence suggests that the effect of investor sentiment on both conventional and Islamic banks is, to some extent, asym-metric. Specifically, the mood of optimistic investors imposes a stronger effect on bank stock performance in the dual-banking industry. Our results suggest that investors? herding behavior might contribute to the contagion from U.S. banking to Islamic banking.
机译：我们认为，伊斯兰银行业模式的不同特征，作为近期迅速增长的相对年轻的行业，可能会影响投资者情感对其市场的影响，与传统的同行不同。在2006年期间使用基于谷歌查询的投资者情感和营业额措施和市场数据2017年，我们发现伊斯兰银行对投资者情感的波动比他们在同一国家的Bahrain在同一个国家的举行方面更敏感，埃及，马来西亚，科威特，约旦，巴基斯坦，卡塔尔，沙特阿拉伯，土耳其和阿联酋。此外，我们的证据表明，在某种程度上，投资者情绪对常规和伊斯兰银行的影响是兼容性的。具体而言，乐观投资者的情绪对双层银行业的银行股票表现产生了更强的影响。我们的结果表明投资者？放牧行为可能有助于从美国银行到伊斯兰银行的蔓延。

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