{"title":"Evolution of investor sentiment: A systematic literature review and bibliometric analysis","authors":"Nhan Huynh, Lurion De Mello, Kai Li","doi":"10.1016/j.iref.2025.104115","DOIUrl":null,"url":null,"abstract":"<div><div>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.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"100 ","pages":"Article 104115"},"PeriodicalIF":5.6000,"publicationDate":"2025-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"International Review of Economics & Finance","FirstCategoryId":"96","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S1059056025002783","RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"2025/4/15 0:00:00","PubModel":"Epub","JCR":"Q1","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}
引用次数: 0
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.
本研究对投资者情绪研究的格局进行了全面的分析，并为未来的研究构建了议程。利用系统文献综述和文献计量分析，我们研究了来自Web of Science数据库（1991-2023）的1,274篇高质量出版物，使用HistCite和R文献计量软件包进行文献计量制图和引文分析。我们确定了三个主要主题：投资者情绪对资产回报的影响、金融风险和市场异常。此外，我们还探索了新兴的研究领域，如情绪与不确定性之间的关系、另类投资、市场全球化和新的情绪测量，拓宽了行为金融学研究的范围和深度。
期刊介绍：
The International Review of Economics & Finance (IREF) is a scholarly journal devoted to the publication of high quality theoretical and empirical articles in all areas of international economics, macroeconomics and financial economics. Contributions that facilitate the communications between the real and the financial sectors of the economy are of particular interest.
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