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Fundamental indicators, bubbles in stock returns and investor sentiment

机译:基本面指标,股票收益泡沫和投资者情绪

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This paper uses the stock performance of construction companies in Taiwan to test whether there are bubbles. The panel data tests are employed to find whether the prices of construction company stocks reflect fundamental indicators and to detect the bubble-like behavior of the stock prices. A bubble indicator is constructed and its relationship with investor sentiment is also discussed. The empirical finding shows that sentiment of foreign investors was the most likely to be related to bubbles in the sample period. This evidence also provides the implication for policy enactment of government.
机译:本文使用台湾建筑公司的股票表现来检验是否存在泡沫。面板数据测试用于发现建筑公司股票的价格是否反映基本指标并检测股票价格的泡沫状行为。构建了泡沫指标,并讨论了其与投资者情绪的关系。实证结果表明,在样本期内,外国投资者的情绪最有可能与泡沫有关。这一证据也为政府的政策制定提供了启示。

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