Investor Sentiment, Information Disclosure and Corporate Investment Behavior

摘要

Behavioral Corporate Finance believes that disclosure of corporate information, not only affects the corporate value but also affects the expected growth of the enterprise market investors. Investors would give the lower level of disclosure of the stock a higher level of risk. This paper selected the Shenzhen Stock Exchange company data during 2006-2014, and introducted the cross-term of information disclosure and investor sentiment. It analyzed the relationship between information disclosure and cater channels. It was found that managers of listed companies tend to cater to a positive correlation on investor sentiment, and the higher the level of disclosure for companies, a stronger tendency of catering to the market sentiment managers have.