Is a picture really worth a thousand words? Investigating the impact of investor sentiment on sustainable stocks

Khaled Mokni, Hela Nammouri (), Chedia Dhaoui and Sami Ben Jabeur ()
Additional contact information
Hela Nammouri: UR CONFLUENCE : Sciences et Humanités (EA 1598) - UCLy - UCLy (Lyon Catholic University), ESDES - ESDES, Lyon Business School - UCLy - UCLy - UCLy (Lyon Catholic University)
Sami Ben Jabeur: UR CONFLUENCE : Sciences et Humanités (EA 1598) - UCLy - UCLy (Lyon Catholic University), ESDES - ESDES, Lyon Business School - UCLy - UCLy - UCLy (Lyon Catholic University)

Post-Print from HAL

Abstract: This paper examines the impact of the recently developed investor sentiment index (Photo Pessimism) derived from a large sample of news photos on sustainable stock returns. Based on the quantile causality analysis, we demonstrate that Photo and Text Pessimism significantly influence S&P 500 ESG stock market returns, particularly at medium quantile levels. The findings also suggest that the Photo sentiment index is more accurate than the text-based index in predicting ESG returns. Leveraging visual sentiment indicators can improve ESG return forecasts and underscore the key role of visual information in sustainable finance decision-making.

Keywords: sustainable stocks; investor sentiment; picture; actions durables; sentiment des investisseurs; image (search for similar items in EconPapers)
Date: 2025-05
References: Add references at CitEc
Citations:

Published in Finance Research Letters, 2025, In Press, Journal Pre-proof, 81, pp.107520. ⟨10.1016/j.frl.2025.107520⟩

There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-05493955

DOI: 10.1016/j.frl.2025.107520

Access Statistics for this paper

More papers in Post-Print from HAL
Bibliographic data for series maintained by CCSD ().