Investor Sentiment and Employment

Maurizio Montone · Remco C. J. Zwinkels

18 citations0/0 files storedJournal of Financial and Quantitative Analysis

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Financial Markets and Investment Strategies Monetary Policy and Economic Impact Global Financial Crisis and Policies

Abstract

We develop a multi-country model with moral hazard and noise traders and show that investor sentiment should affect employment growth both domestically and abroad. Using a large sample of international industry-level data, we find strong support for the model’s predictions. We show that U.S. investor sentiment has a positive association with labor market conditions around the world, due to spillover effects as well as foreign direct investments from the United States. We also find that U.S. sentiment amplifies the negative effect of local financial crises on job losses, which supports the idea that financial development has a “dark side.”

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References

1998Law and Finance 1993Finance and Growth: Schumpeter Might Be Right 1996Financial Dependence and Growth 1997Postwar U.S. Business Cycles: An Empirical Investigation 2006Investor Sentiment and the Cross‐Section of Stock Returns 2003Liquidity Risk and Expected Stock Returns 2000Financial intermediation and growth: Causality and causes 1996Stock Markets, Banks, and Economic Growth

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