Stock salience and the asymmetric market impact of consumer sentiment news

  title={Stock salience and the asymmetric market impact of consumer sentiment news},
  author={Shumi Akhtar and Robert Faff and Barry R. Oliver and Avanidhar Subrahmanyam},
We document asymmetric announcement effects of consumer sentiment news on US stock and stock futures markets. While a negative market impact occurs upon the release of bad sentiment news, there is no market reaction for counterpart good news. This supports the “negativity effect” hypothesis. Notably, this effect seems most likely to occur in salient stocks, which is consistent with the availability heuristic. JEL Classification: G14 

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