Emotions and stock market anomalies: A systematic review

John W. Goodell, Satish Kumar, Purnima Rao and Shubhangi Verma
Authors registered in the RePEc Author Service: Satish Kumar and Satish Kumar

Journal of Behavioral and Experimental Finance, 2023, vol. 37, issue C

Abstract: While it is known that emotions affect financial markets, there has been little collective examination of the literature in terms of identifying, for instance, which emotions, under what contexts, cause particular market impacts. We systematically review articles on emotions and finance (1989–2020), with particular emphasis on papers addressing emotions influencing stock-market anomalies, either directly, or indirectly through first engendering behavioral patterns. We summarize literature linking market anomalies to specific investor emotions, as well as identify directions for further research on the emotional behavior of investors. We also identify research trends and designs, as well as data collection and analysis techniques. Given the ongoing scholarly interest in emotions and markets, results should be of great interest.

Keywords: Systematic literature review; Behavioral finance; Emotional finance; Investor emotions; Stock market anomalies (search for similar items in EconPapers)
JEL-codes: D53 G21 G40 G41 N2 (search for similar items in EconPapers)
Date: 2023
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (3)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:beexfi:v:37:y:2023:i:c:s2214635022000557

DOI: 10.1016/j.jbef.2022.100722

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