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

Author

Listed:
  • Khaled Mokni
  • 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))

  • Chedia Dhaoui
  • 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))

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.

Suggested Citation

  • Khaled Mokni & Hela Nammouri & Chedia Dhaoui & Sami Ben Jabeur, 2025. "Is a picture really worth a thousand words? Investigating the impact of investor sentiment on sustainable stocks," Post-Print hal-05493955, HAL.
    • Handle: RePEc:hal:journl:hal-05493955
    DOI: 10.1016/j.frl.2025.107520
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