.png){kind=icon}
.png){kind=icon}
Return
Consumer sentiment inequality, relative performance of firms, and the market
.png){kind=icon}
OA
AI
H
A
DOI：10.1016/j.jcorpfin.2026.103004.png)
.png){kind=icon}
.png){kind=icon}
Share.png){kind=icon}
Save
Abstract
En 中文
This paper introduces Sentiment Inequality (SI), the difference in sentiment between high- and low-income consumers, and demonstrates its predictive power for firm performance, asset prices, and broader market performance. Using the restaurant industry as a case study, we show that changes in SI predict the relative performance of high-end firms (casual dining restaurants) versus low-end firms (fast-food chains). These findings extend beyond the restaurant sector, revealing that SI predicts the relative performance of high- versus low-end firms across the entire market. SI emerges as a critical proxy for business cycle fluctuations, providing incremental informational value over aggregate sentiment measures and established predictors.
Keywords:
Consumer confidence index
Inattention
Leading indicator
Index of consumer sentiment
Sentiment
Sentiment inequality
Stock market
Systematic risk
Volatility
D12
G10
G11
G14
G17
AI Summary
Key information extracted from the uploaded paper, including a brief overview, abstract, background, key highlights, visual analysis, and future outlook.
Journal
IF:
5.9
Papers:
2.5K
Citations:
2.0W
Organization
Cited Papers