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We wanted to show that markets are inefficient as they respond to sentiment," Edmans told USA TODAY. "We chose to look at this question because many people believe that markets are efficient – this isn’t just an academic theory, but something that many people believe holds in practice, too, as evidenced by the substantial rise in index funds. More negative music correlated with more returns from government bonds, which investors typically flock to to minimize risk, according to the study.Īlex Edmans, professor of finance at the London Business School and co-author of the paper, told USA TODAY that the goal was to displace the theory that markets are efficient and show that investor sentiment has an impact on market trends. More positive music was correlated with more cash flowing in and out of financial assets. Throw a tech-stock-average 25-times forward earnings multiple on that. Today’s show was produced by Miles Bryan, edited by Matt Collette, engineered by Efim Shapiro, fact-checked by Laura Bullard and hosted by Sean Rameswaram. While this isnt insignificant, investors shouldnt be too concerned about. All I want for Christmas is a functional supply chain. Spotify racked up 223 million euros in share-based compensation this year, which also increased the share count by 3.
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Net equity fund flows are a measure of how much cash is flowing in and out of financial assets. The math there gets you to somewhere around 20 in earnings per share. Listen to this episode from Today, Explained on Spotify. Lastly, the study investigated music sentiment's association with net equity fund flows and government bond index returns. The study also found that bigger changes in people's musical sentiment was correlated with larger volatility in the stock market. The researchers controlled for past returns, the world market return, seasonalities, weather conditions and other variables that could impact a country's mood.