Investor Sentiment and Economic Forces

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Reference-Dependent Preferences and the Risk-Return Trade-Off (2017, unknown): “For example, we should expect a stronger risk–return relation during low-sentiment periods based on Shen and Yu (2012) .”
Manager sentiment and stock returns (2019, result): “In summary, these findings, largely consistent with Shen and Yu (2013) and Huang, Jiang, Tu, and Zhou (2015), suggest that manager sentiment, similar to investor sentiment, has stronger forecasting power when sentiment is higher.”
Investor sentiment aligned: : A powerful predictor of stock returns (2015, unknown): “Following Stambaugh, Yu, and Yuan (2012), we classify a month as high (low) sentiment if the sentiment level (SPLS) in the previous month is above (below) its median value for the sample period, and compute the R(2)high and R 2 low statistics for the high and low sentiment periods, respectively, in ”