The relationship between investor sentiment and stock yield: an analysis based on data mining

Abstract:
This paper chooses 43 listed companies’s of the mobile payment sector, collects stock yield from January 2012 to April 2021, and uses text mining technology to collect East Money forum corresponding stock investors information to build investor sentiment index. Then the paper uses panel vector autoregressive model to explore two-way relationship between investor sentiment and stock yield in mobile payment sector. The results show:(1) there is a long-term equilibrium relationship between investor sentiment and stock yield in the mobile payment sector; (2) stock yield has a gradually weakening negative effect on investor activity; (3) investor bullish sentiment has a continuous positive effect on stock yield and investor activity.