The Impact of Investor Sentiment on Stock Prices in the Egyptian Stock Market

Abstract

Shams :‫الملخص‬ ‫االسٓى‬ ‫اسعاس‬ ٗ‫عه‬ ٍ‫انًستثًشي‬ ‫يعُٕياث‬ ‫أثش‬ ‫دساست‬ ٗ‫ان‬ ‫انبحث‬ ‫ْزا‬ ‫يٓذف‬ ‫نهششكاث‬ ‫يصطهح‬ ْٕ ٍ‫انًستثًشي‬ ‫يعُٕياث‬ ٌ‫أ‬ ‫حيث‬ .ٖ‫انًصش‬ ّ‫انًاني‬ ‫االٔساق‬ ‫سٕق‬ ٗ‫ف‬ ِ‫انًقيذ‬ ‫فٓى‬ ّ‫خالن‬ ٍ‫ي‬ ٍ‫يًك‬ ٔ ‫انتًٕيم‬ ‫يجال‬ ٗ‫ف‬ ‫خاصت‬ ِ‫االخيش‬ ِ‫انفتش‬ ٗ‫ف‬ ّ‫أًْيت‬ ‫ظٓشث‬ ٍ‫ي‬ ّ‫انذساس‬ ‫عيُت‬ ٌٕ‫تتك‬ .‫األسٓى‬ ‫أسعاس‬ ٔ ‫بعٕائذ‬ ‫انتُبإ‬ ‫كيفيت‬ ٔ ّ‫انًاني‬ ‫االسٕاق‬ ‫تقهباث‬ 38 ‫انبٕسصت‬ ٗ‫ف‬ ‫يقيذة‬ ٍ‫انًستثًشي‬ ‫يعُٕياث‬ ٌ‫أ‬ ٗ‫عه‬ ‫انذساست‬ ‫َتائج‬ ‫اكذث‬ .ّ‫انًصشي‬ ‫حانت‬ ‫يسٕد‬ ‫فعُذيا‬ .‫االسٓى‬ ‫اسعاس‬ ٗ‫عه‬ ٖ‫جْٕش‬ ‫تأثيش‬ ّ‫ن‬)ٍ‫انًستثًشي‬ ‫تشاؤو‬ ٔ ‫(تفاؤل‬ ‫تضداد‬ ‫عُذيا‬ ‫انعكس‬ ٔ ،‫االسٓى‬ ‫اسعاس‬ ِ‫صياد‬ ٗ‫ان‬ ‫رنك‬ ٖ‫يإد‬ ٍ‫انًستثًشي‬ ٍ‫بي‬ ‫انتفاؤل‬ ٍ‫ي‬ ، ‫االسٓى‬ ‫اسعاس‬ ‫تُخفض‬ ‫انسٕق‬ ِ‫تجا‬ ‫انتشاؤو‬ ‫دسجت‬ ٖ‫أخش‬ ‫يشة‬ ‫يعذالتٓا‬ ٗ‫ان‬ ‫تعٕد‬ ‫ثى‬ ‫انًستقبم‬ ٗ‫ف‬. Abstract: This research investigates the impact of investor sentiment on stock prices in the Egyptian stock market. Sample size consists of 83 companies listed in the Egyptian stock exchange. Three measures can be used to measure investors' biased expectations: Share Turnover, E Share, and dividend premium. Results imply that, investor sentiment significantly affect stock prices of the Egyptian companies. Interestingly, in periods of higher investor