Are Investors Driven by Sentiments?

General Information

Are Investors Driven by Sentiments?
Project Number
The principal aim of this study is to examine the relationship between the mood an investor is in when making decisions and the actual decisions.
Longitudinal Type
Longitudinal Study
Begin date
End date
For the selection question, 7,428 panel members were selected. Of the 5,316 panel members that answered this question, 933 reported owning stock. Another 4 panel members were removed from this selection on account of their comment that they did not want to answer any further questions about this. In November the questionnaire was presented to 929 panel members, of which 879 completed the questionnaire and 118 indicated that they did not own stock investments (when answering the question: “What is (approximately) the total value of the stock in your investment portfolio (against the most recent stock exchange prices)?”). They were subsequently excluded from the rest of the questionnaire.  

A single question will be repeated in December 2010, namely whether the respondent performed any stock transactions over the past month.  

In February 2011 the entire questionnaire will again be presented to the selected panel members. A single question will be repeated in March 2011. In June the questionnaire will be repeated in its entirety for the last time; in July a single question will be repeated again.
Kaplanski, Guy, Levy, Haim, Veld, Chris, Veld-Merkoulova, Yulia
© 2013 CentERdata

List of Measures

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Longitudinal Wave
Longitudinal Wave
Longitudinal Wave
Longitudinal Wave
Longitudinal Wave
Longitudinal Wave


Past Returns and the Perceived Sharpe Ratio Journal of Economic Behavior and Organization, 123, 149-167; Kaplanski, G., et al.
Personalità, inerzia e possesso attività finanziarie University of Rome Tor Vergata; Ceccarelli, G.
Do happy people make optimistic investors? Journal of Financial and Quantitative Analysis, 2015, 50(1-2), 145-168; Kaplanski, G., et al.