# Professor Jeffrey Wurgler's joint research on the impact of investor sentiment is featured

1 Faculty News May 9, 2018 ![ETF.com logo 192 x 144](/sites/default/files/styles/246w/public/assets/images/etf192x144.jpg?itok=C8lTqgkn)>

Excerpt from [ETF.com](http://www.etf.com/sections/index-investor-corner/swedroe-ignore-investor-noise?nopaging=1) -- "Over roughly the last decade, researchers have explored investor sentiment’s impact on markets. Malcolm Baker and [Jeffrey Wurgler](http://www.stern.nyu.edu/faculty/bio/jeffrey-wurgler) have even constructed an investor sentiment index based on six metrics: trading volume as measured by NYSE turnover; the dividend premium (the difference between the average market-to-book ratio of dividend-payers and non-payers); the closed-end fund discount; number of IPOs; first-day returns on IPOs; and the equity share in new issues."

[Read more](http://www.etf.com/sections/index-investor-corner/swedroe-ignore-investor-noise?nopaging=1)