论文：An examination of U.S. institutional and individual investor sentiment effect on the Turkish stock market-This study examines the effect of rational and irrational components of

U.S. institutional and individual investor sentiment on Istanbul Stock

Market (ISE) return and volatility. The results showthat there is a significant

spillover effect of U.S. investor sentiment on stock return and

volatility of ISE. A breakdown of sentiment by the type of investor

shows that the impact of institutional sentiment is greater than that of

individual sentiment. A breakdown of sentiment by rationality shows

that the effect of rational sentiment on ISE return is faster though not

necessarily greater than that of irrational sentiment. The conclusion

fromthese results is that the effect of U.S. investor sentiment is systemic

and cannot be diversified away. U.S. investor sentiment, therefore,

constitutes a priced risk factor and must be accounted for accordingly

in international asset pricing models. The findings also provide some

evidence of a negative relationship between U.S. investor senti