A Positive Study Of The Relation Between Investor Sentiment And Stock Market

The agent is rational and the market is effieient in The Modern Financial Theory(MFT).so the investor behavior has no influence on financial makret,evne if there are irrational investors they will be wash out by the arbitrageurs.So it is not significance to research on investor be havior.But the Behavioral Finance Theory (BFT) relaxes the rational agent hypothesis and gives the explanation moer close to the reality than MFT. The investor behvaior has more influence on asset pricing and financial market in BFT.The thesis focuses on investor sentiment and the influence of investor sentiment on stock market .Referring to the literature on investor sentiment ,whichhas been demonstrated by reseachers from China and overseas,this paper has commentated the frame of reference about the relation between investor sentiment and stock market.And then this paper introduces the theoretics and the produce of index of consumer sentiment.In the end, we take the index of consumer sentiment as the substitutional variable,and research the Relation between investor sentiment and stock market by vector error correction model,impulse response function and analysis of variance on the base of the practical situation。...