Mobile Posting,Investor Emotion And Stock Return

With the development of the Internet,information websites,blogs,mobile APP and other Internet media have become the main means of information expression.In particular,the number of users using mobile Internet media has grown rapidly.Compared with the traditional internet,the development of mobile Internet makes the transfer of investor sentiment more rapid,and has a greater impact on the capital market through investor behavior.Therefore,it is of great theoretical and practical significance to study investor sentiment from the perspective of mobile Internet and to analyze the relationship between investor sentiment and stock return based on mobile data.Different from traditional research,which constructs investor sentiment indices directly or indirectly by stock trading volume and investor questionnaire survey,this paper uses large data analysis perspective and text mining method to construct investor sentiment indices by grabbing 3,810,950 posts from Xueqiu Network,in order to study stock return and investor sentiment based on mobile text mining in depth.On this basis,this paper constructs investor sentiment indicators based on the different behavioral characteristics of the people who post in PC and mobile terminals.By comparing the different effects of investor sentiment indicators on stock returns,we study whether the behavior of the people who post in mobile APP can better affect stock prices.The main conclusions of this paper are as follows: Firstly,investor sentiment based on mobile text mining can explain stock returns.Secondly,as a whole,compared with the people who use PC to post,the people who use mobile app to post are more able to influence stock returns.The impact of investor sentiment on stock returns is stronger in bear market than in bull market.The returns of small-scale stocks are more affected by investor sentiment.This paper makes a detailed study of the impact of investor sentiment on stock returns of mobile-end posters in different periods.The results show that the investor sentiment of mobile end-posting group has a greater impact on stock return during the period from the closing of the first day to the opening of the second day;the investor sentiment constructed by mobile end-posting group from 5:00 to 7:00 a.m.has a greater impact on stock return than that constructed by other time periods.From the perspective of investor management,the government and securities market regulatory authorities need to pay attention to the study of investor sentiment and strengthen the education of investors.From the perspective of standardized development of securities market,the government and securities market regulatory authorities should do a good job of risk prevention to deal with investor sentiment,so as to enable investors to establish good investment.Concepts,to regulate investors.