Investor sentiment is believed to play an increasingly significant role in business and economic activities. By analyzing data collected from a sample of listed nonfinancial firms in Pakistan for the period 2009–2018, we quantify investor behavior and how it affects market returns, cash flows, discount rates, and firm performance. We find that investor sentiment has a significant impact on market activities, and our findings are in line with existing behavioral finance theories. Not only does our study offer theoretical confirmation of the significance of investor sentiment in aggregate market- and firm-level indicators, but it also offers new insights concerning market-based, news-based, and social media–based sentiment in the context of the Pakistani market.

投资者情绪被认为在商业和经济活动中发挥着越来越重要的作用。通过分析 2009-2018 年期间从巴基斯坦上市非金融公司样本中收集的数据，我们量化了投资者行为以及它如何影响市场回报、现金流、贴现率和公司业绩。我们发现投资者情绪对市场活动有显着影响，我们的研究结果与现有的行为金融学理论一致。我们的研究不仅从理论上证实了投资者情绪在总体市场和公司层面指标中的重要性，而且还提供了关于在当前背景下基于市场、基于新闻和基于社交媒体的情绪的新见解。巴基斯坦市场。