Investor’s Anticipation and Future Market Movement: Evidence of Self-Fulfilling Prophecy Effect from Chinese Stock Market

Date
2018-01-03
Authors
Wan, Yun
Yang, Xiaoguang
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Abstract
We analyzed data collected from retail investors in Chinese stock market from a fin-tech mobile platform to find evidence of self-fulfilling prophecy effect. We found statistically significant correlation between the predicted and actual Shanghai Stock Exchange Composite Index (SSECI) as well as non-random deviation patterns. We also analyzed participating investor behaviors and discussed the implications and future research.
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Keywords
Crowd-based Platforms, behavioral finance, crowdsourcing, irrational behavior, self-fulfilling prophecy, stock market
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