  This paper investigates the heterogeneous impacts of either Global or Local
Investor Sentiments on stock returns. We study 10 industry sectors through the
lens of 6 (so called) emerging countries: China, Brazil, India, Mexico,
Indonesia and Turkey, over the 2000 to 2014 period. Using a panel data
framework, our study sheds light on a significant effect of Local Investor
Sentiments on expected returns for basic materials, consumer goods, industrial,
and financial industries. Moreover, our results suggest that from Global
Investor Sentiments alone, one cannot predict expected stock returns in these
markets.
