Even the good news the industry received earlier this month had little impact on investor sentiment.

But it was too early to say whether investor sentiment has begun to turn.

New stock issues, he has found, are a perfect measurement of investor sentiment.

Still, he said, the competition is not going to help earnings or investor sentiment toward the stock.

"The thing that people have underestimated over the past few years is investor sentiment," he said.

The professors found that investor sentiment has relatively little effect on these stocks.

After weeks of gloom about a possible war, investor sentiment has reversed quickly.

This performance represents nothing short of a U-turn in investor sentiment.

Consequently, I think you simply need time at these lower levels to repair the damage to investor sentiment that has developed.

However, Russia is clearly the odd-one-out when it comes to investor sentiment.