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Fear and Greed Amid Market Turmoil : Impact on Stock Markets, ESG Assets, and Green Fintech

Author

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  • Mariam Elbayar
  • Taicir Mezghani
  • Mouna Boujelbène Abbes

Abstract

This study investigates the impact of Fear and Greed Indices (FGIs) on stock markets, green bonds, ESG stocks, and green fintech amid periods of financial turbulence. It introduces a novel measure of investor sentiment based on the Fear and Greed Index for American, Chinese, and European investors. A Bayesian TVC-VAR model is employed to capture shifts in connectedness and interactions among variables over different periods. The results reveal that the FGI has a positive impact on the S&P 500 and ESG indices, while green bonds and green fintech exhibit distinct responses. In the post-2020 period, green bonds demonstrate safe-haven properties. The FGI emerges as a key transmitter of financial spillovers, affecting the resilience and stability of green financial markets. A sliding-window estimation is used to assess network connectedness, offering valuable insights into market volatility, hedging strategies, and portfolio diversification—thus benefiting portfolio managers and investors.

Suggested Citation

  • Mariam Elbayar & Taicir Mezghani & Mouna Boujelbène Abbes, 2026. "Fear and Greed Amid Market Turmoil : Impact on Stock Markets, ESG Assets, and Green Fintech," Journal of Chinese Economic and Business Studies, Taylor & Francis Journals, vol. 24(1), pages 71-104, January.
    • Handle: RePEc:taf:jocebs:v:24:y:2026:i:1:p:71-104
    DOI: 10.1080/14765284.2025.2492919
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