Overconfidence and US stock market returns

Nicholas Apergis ()

Finance Research Letters, 2022, vol. 45, issue C

Abstract: The paper aims to explore the role of overconfidence of US individuals of the personal versus the public risk against Covid-19 on excess stock returns, over the period May 2020-September 2020. Kernel canonical correlation suggests that this sentiment gap exerts a positive effect on excess returns, with high-income individuals displaying a stronger impact.

Keywords: Overconfidence; Excess stock prices; Kernel canonical correlation (search for similar items in EconPapers)
JEL-codes: G12 G41 (search for similar items in EconPapers)
Date: 2022
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Citations: View citations in EconPapers (5)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:finlet:v:45:y:2022:i:c:s1544612321002580

DOI: 10.1016/j.frl.2021.102186

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