Thu Le Can, Minh Duy Le and Ko-Chia Yu
By extending Edmans et al.’s (2021) music sentiment measures to the Vietnam market, the authors aim to investigate the impacts of music sentiment on stock market returns and…
Abstract
Purpose
By extending Edmans et al.’s (2021) music sentiment measures to the Vietnam market, the authors aim to investigate the impacts of music sentiment on stock market returns and volatility.
Design/methodology/approach
The authors adopted Edmans et al.’s (2021) music-based sentiment to proxy for investor mood. The current study uses linear regression analysis.
Findings
The authors find that music sentiment is significantly and positively related to both stock returns and stock market volatility. The authors also show that music sentiment has a contagious effect: Global music sentiment and those in the United States, France and Hong Kong are significant drivers of the Vietnamese stock market. The authors also examine the effect on different industry returns and find that returns on stocks of firms in the communication services, consumer discretionary, consumer staples, energy, financials, healthcare, real-estate, information technology and utility sectors are significantly related to music sentiment. In addition to valence, the authors find that other Spotify audio features can be used to quantify music sentiment.
Originality/value
This study contributes to the behavioral finance literature that focuses on investor sentiment. The authors address this topic in Vietnam using high-frequency data.
Details
Keywords
Tung-Sheng Wang, Austin Rong-Da Liang, Chia-Chun Ko and Jie-Heng Lin
The objective of this study is to investigate the impact of geographical labeling (GL) and place of origin on consumers' perceived tea quality and purchase intention, as well as…
Abstract
Purpose
The objective of this study is to investigate the impact of geographical labeling (GL) and place of origin on consumers' perceived tea quality and purchase intention, as well as to analyze the moderating effects of traditional tea processing methods and the price of tea.
Design/methodology/approach
This study conducts two experiments by combining a simulated scenario with a questionnaire; overall, 383 and 678 valid samples were collected, respectively.
Findings
(1) The existence of GL is extremely important and will give consumers the perception of higher tea quality resulting in higher purchase intention. The tea’s production method and geographic location are strongly correlated. Thus, whether the tea is produced with traditional methods has a moderating effect on the place of origin, GL, and consumer response in study 1. (3) Different tea pricing has a moderating effect on the place of origin/GL and consumer response in study 2.
Originality/value
This study demonstrates the relationship between consumers' perception of tea GL, and their response helps to identify the difference between Eastern and Western tea culture, which can be used to help promote and market tea leaves. Multiple clues show a complementary effect between the place of origin and the GL on tea packaging. In addition, perception of the tea craftsmanship from the place of origin (long-term) and the price manipulation (short-term) have a moderating effect, which can be used to improve tea marketing design in academia and in practice.