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中文摘要：
使用散户和机构新增开户数构建个人和机构投资者情绪指标,可以研究短期和中期内二者之间的关联性及中期内二者与市场收益率之间的互动影响,并从看跌和看涨两个角度检验个人和机构投资者情绪对市场收益率的影响。结果发现,短期内个人投资者情绪是机构投资者情绪的格兰杰原因,中期内个人和机构投资者情绪之间、二者与市场收益率之间均存在互动关系。
英文摘要：
The new individual and institutional accounts are used in this paper as the sentiment indictors of the investors.A research is conducted on the short and medium term correlation as well as the medium interaction between the sentiment and market returns.Results show that the short-term individual investors＇ sentiment is the Granger cause of institutional investors＇ sentiment In the medium term,there is interaction between the sentiment of individual and institutional investors,and between their sentiment and market returns.
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