Work

Evolution of investor sentiment: A systematic literature review and bibliometric analysis

Year: 2025

Type: review

Abstract: This study conducts a comprehensive analysis of the landscape of investor sentiment research and constructs an agenda for future research. Utilising systematic literature reviews and bibliometric analysis, we examine 1,274 high-quality publications from the Web of Science database (1991–2023), employing HistCite and R bibliometric packages for bibliometric mapping and citation analyses. We identify three main themes: the effect of investor sentiment on asset returns, financial risks, and market anomalies. Additionally, we explore emerging research areas such as the relationship between sentiment and uncertainties, alternative investments, market globalisation, and new sentiment measures, broadening the scope and depth of behavioural finance research.

Source: International Review of Economics & Finance

DOI: 10.1016/j.iref.2025.104115

Authors: Nhan Huynh, Lurion De Mello, Kai Li

Institution: Macquarie University

Language: English

Topic: Financial Markets and Investment Strategies

Subfield: Finance

Field: Economics, Econometrics and Finance

Domain: Social Sciences

Open Access status: gold

Estimated APC paid: $1,930