一张图片真的胜过千言万语吗？调查投资者情绪对可持续股票的影响

IF 7.4 2区经济学 Q1 BUSINESS, FINANCE

Finance Research Letters Pub Date : 2025-05-05 DOI:10.1016/j.frl.2025.107520

Khaled Mokni , Hela Nammouri , Chedia Dhaoui , Sami Ben Jabeur

{"title":"一张图片真的胜过千言万语吗？调查投资者情绪对可持续股票的影响","authors":"Khaled Mokni , Hela Nammouri , Chedia Dhaoui , Sami Ben Jabeur","doi":"10.1016/j.frl.2025.107520","DOIUrl":null,"url":null,"abstract":"<div><div>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.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"81 ","pages":"Article 107520"},"PeriodicalIF":7.4000,"publicationDate":"2025-05-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"Is a picture really worth a thousand words? Investigating the impact of investor sentiment on sustainable stocks\",\"authors\":\"Khaled Mokni , Hela Nammouri , Chedia Dhaoui , Sami Ben Jabeur\",\"doi\":\"10.1016/j.frl.2025.107520\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<div><div>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.</div></div>\",\"PeriodicalId\":12167,\"journal\":{\"name\":\"Finance Research Letters\",\"volume\":\"81 \",\"pages\":\"Article 107520\"},\"PeriodicalIF\":7.4000,\"publicationDate\":\"2025-05-05\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Finance Research Letters\",\"FirstCategoryId\":\"96\",\"ListUrlMain\":\"https://www.sciencedirect.com/science/article/pii/S1544612325007792\",\"RegionNum\":2,\"RegionCategory\":\"经济学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q1\",\"JCRName\":\"BUSINESS, FINANCE\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Finance Research Letters","FirstCategoryId":"96","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S1544612325007792","RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}

引用次数: 0

摘要

本文研究了最近开发的投资者情绪指数（照片悲观主义）对可持续股票收益的影响，该指数来自大量新闻照片样本。基于分位数因果关系分析，我们证明了图片悲观主义和文字悲观主义显著影响标普500 ESG股票市场回报，特别是在中等分位数水平。研究结果还表明，在预测ESG回报方面，照片情绪指数比基于文本的指数更准确。利用视觉情绪指标可以改善ESG回报预测，并强调视觉信息在可持续金融决策中的关键作用。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

查看原文本刊更多论文

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

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.

求助全文

通过发布文献求助，成功后即可免费获取论文全文。去求助

来源期刊

Finance Research Letters BUSINESS, FINANCE-

CiteScore

11.10

自引率

14.40%

发文量

863

期刊介绍： Finance Research Letters welcomes submissions across all areas of finance, aiming for rapid publication of significant new findings. The journal particularly encourages papers that provide insight into the replicability of established results, examine the cross-national applicability of previous findings, challenge existing methodologies, or demonstrate methodological contingencies. Papers are invited in the following areas: Actuarial studies Alternative investments Asset Pricing Bankruptcy and liquidation Banks and other Depository Institutions Behavioral and experimental finance Bibliometric and Scientometric studies of finance Capital budgeting and corporate investment Capital markets and accounting Capital structure and payout policy Commodities Contagion, crises and interdependence Corporate governance Credit and fixed income markets and instruments Derivatives Emerging markets Energy Finance and Energy Markets Financial Econometrics Financial History Financial intermediation and money markets Financial markets and marketplaces Financial Mathematics and Econophysics Financial Regulation and Law Forecasting Frontier market studies International Finance Market efficiency, event studies Mergers, acquisitions and the market for corporate control Micro Finance Institutions Microstructure Non-bank Financial Institutions Personal Finance Portfolio choice and investing Real estate finance and investing Risk SME, Family and Entrepreneurial Finance