An Empirical Study of the Effect of Investor Sentiment on Returns of Different Industries

Table 6

Statistics of market returns for optimistic and pessimistic periods.

	Sent >0	Sent<0	Total sampling period
Mean	0.395745	−0.36907	0.080357
Median	0	0	0.052068
Standard deviation	1.843508	1.055102	2.140861
Skewness	0.142774	−1.819949	−0.048180
Kurtosis	4.541919	12.84935	3.416804
Observations	57	40	97