The Research Of The Effects Of The Investor Attention And Investor Sentiment On Stock Trading

In recent years,with the development of the information technology,the Internet has gradually replaced the traditional business hall as an important place for individual investors to observe and discuss stocks.Thanks to the development of modern technology,people can express their personal attention and emotions on stocks anytime,anywhere,by Weibo,or by Wechat.As one of the largest stock websites in China,GuBa is the most active gathering place for stockholders to discuss stocks.Therefore,through the datum from the website,we can construct two variable indicators that can effectively measure investor attention and investor sentiment.This article uses the Python crawler and Naive Bayes classification method to take 213 Growth Enterprise Market Board companies as samples,and intuitively constructs two indicators of investor attention and investor sentiment through the postings and posting titles from the GuBa.The noise from other aspects is reduced,and then the non-equilibrium panel fixed effect model is used for regression.The empirical test examines the influence of investor attention and investor sentiment on two import factors in stock trading,yield and volume.The results show that investor attention and investor sentiment have a significant impact on stock returns,while under positive emotions,investors have a positive impact on them,while negative emotions have the opposite impact;in addition,there is also a significant impact on stock trading volume.