TY  - JOUR
AB  - Purpose– The purpose of this paper is to examine the effect of investors’ emotional state (mood) on their trading behaviour and performance. Design/methodology/approach– A sample from a representative survey of 328 Greek individual investors has been used to empirically test the validity of the proposed associations. An iterative data collection process was followed, where individual investors had to complete a questionnaire every time they were trading in the Athens Stock Exchange, for a period of ten months. Exploratory factor analysis was first used to analyse the data set, followed by cluster analysis (to identify investor profiles based on differences in their mood). Findings– Two clusters have been identified. The first cluster profile includes investors with high score of positive mood (thus, high energetic arousal and hedonic tone, low tense arousal and anger frustration), while the second profile consists of investors with negative mood (low energetic arousal and hedonic tone, high tense arousal and anger frustration). The comparison between the two profiles has shown that investors with positive mood achieve higher stock returns than investors with negative mood. Originality/value– To the best of the authors’ knowledge there is no other similar study.
VL  - 43
IS  - 2
SN  - 0144-3585
DO  - 10.1108/JES-09-2014-0158
UR  - https://doi.org/10.1108/JES-09-2014-0158
AU  - Kourtidis Dimitrios
AU  - Šević Željko
AU  - Chatzoglou Prodromos
PY  - 2016
Y1  - 2016/01/01
TI  - Mood and stock returns: evidence from Greece
T2  - Journal of Economic Studies
PB  - Emerald Group Publishing Limited
SP  - 242
EP  - 258
Y2  - 2024/04/20
ER  -