An important issue in finance is whether noise traders, those who act on information that has no value, influence prices. Recent research indicates that investor sentiment affects the return distribution of a few categories of assets in some stock markets. Other studies also document that US investor sentiment is contagious. This paper investigates whether Consumer Confidence (CC) and the Economic Sentiment Indicator (ESI) -as proxies for investor sentiment -affects Portuguese stock market returns, at aggregate and industry levels, for the period between 1997 to 2009. Moreover the impact of US investor sentiment on Portuguese stock market returns is also addressed. We find several interesting results. First, our results provide evidence that consumer confidence index and ESI are driven by both, rational and irrational factors. Second, ESI is significantly negative related to stock returns. Sentiment negatively forecasts aggregate stock market returns, but not all industry indices returns. Finally, we don't find a contagious effect of US investor sentiment in Portuguese market returns.JEL classification: G10, G11.

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A presente investigação tem por objetivo identificar dificuldades e estratégias de tradução de desde logo (PT) para Espanhol, por um lado, e para Búlgaro e Polaco, por outro. Partindo de um primeiro estudo contrastivo (ainda em curso) sobre o comportamento dos itens desde logo (PT) e desde luego (ES), e considerando os efeitos que a proximidade (formal, mas não semântica) dos dois MD pode ter na construção das estratégias de tradução, é nosso propósito enquadrar os resultados obtidos numa análise de âmbito mais alargado, envolvendo o contraste com línguas mais distantes do Português, a saber, o Búlgaro e o Polaco.

co-financed by the European Regional Development Fund (ERDF) through the Operational Program for Competitiveness and Internationalisation (COMPETE2020) and by the Portuguese FCT under CMU Portugal. Developed within CISUC -UID/CEC/00326/2020 financed by European Social Fund through CENTRO2020.

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