Overall, the results imply that the investor sentiment of U.S. and U.K. has a spillover effect on the size premium of Japan, and that of U.S. has a spillover effect on the momentum effect of Japan.

• 因此本研究发现美英两国的投资人情绪对日本规模溢酬具有外溢效果的现象，以及美国的投资人情绪对日本动能溢酬也具有外溢效果的现象。