Outperforming probability adjusted for investor sentiment, Brazil
| CAPM + sent (%) | FF - 3 factor model + sent (%) | FFC - 4 factor model + sent (%) | |
|---|---|---|---|
| Low Sent | 16.83 | 12.21 | 11.22 |
| High Sent | 12.87 | 7.59 | 3.30 |
| CAPM + sent (%) | FF - 3 factor model + sent (%) | FFC - 4 factor model + sent (%) | |
|---|---|---|---|
| Low Sent | 16.83 | 12.21 | 11.22 |
| High Sent | 12.87 | 7.59 | 3.30 |
Note(s): Table 8 presents the outperforming probability of the funds based on the CAPM, Fama and French (1993), and Carhart (1997) models adjusted by investor sentiment. The sample was divided according to the sentiment index in low and high sentiment period. The sample period ranges from January 2010 through December 2019 (monthly data)
Source(s): Authors’ own work