Research Article
An Empirical Study of the Effect of Investor Sentiment on Returns of Different Industries
Table 1
Descriptive statistics of each index.
| | Mean | Standard deviation | Kurtosis | Skewness | JB statistics |
| CEFD | 0.241111 | 0.121486 | 0.380086 | 1.908905 | 7.147080** | NIPO | 13.22271 | 9.999192 | 0.688533 | 2.208237 | 10.19792*** | RIPO | 0.921679 | 0.876651 | 2.985041 | 16.61689 | 893.4568*** | TURN | 0.376856 | 0.233725 | 1.287418 | 4.410218 | 34.83308*** | NIA | 1080212 | 1063835 | 1.897781 | 7.143569 | 127.6175*** |
| The correlation of indexes | | CEFD | NIPO | RIPO | TURN | NIA |
| CEFD | 1 | | | | | NIPO | −0.667911*** | 1 | | | | RIPO | 0.220840** | −0.368060*** | 1 | | | TURN | 0.418940*** | −0.279498*** | 0.291517*** | 1 | | NIA | −0.138380 | 0.122912 | 0.343842*** | 0.610424*** | 1 |
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Notes: , , and denote, respectively, significance at the significance level of 1%, 5%, and 10%, similar hereinafter.
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