关于ESG流回收悖论:绿色情绪促进了流入,但在回报方面落后
1Singapore Institute of Technology, Singapore.
Journal of environmental management
|January 9, 2026
概括
绿色情绪促进了资本流入ESG基金,但降低了短期收益,造成了流动-绩效差距. 这个效应在下个月反转,表明势头,而不是逆转.
科学领域:
- 环境,社会和治理 (ESG) 投资.
- 金融市场是金融市场.
- 行为金融是行为金融.
背景情况:
- 投资者对可持续和负责任投资的兴趣日益增长.
- 需要了解公众情绪对金融市场的影响.
- 关于ESG基金业绩和投资者行为的现有研究.
研究的目的:
- 调查绿色情绪与环境,社会和治理 (ESG) 共同基金流动和回报之间的关系.
- 确定驱动观察到的效应的机制,例如"价值-突出道".
- 分析情绪影响的地理差异,特别是在美国和欧洲市场之间.
主要方法:
- 利用谷歌趋势数据来衡量绿色情绪.
- 分析了来自107个ESG共同基金的2019年4月至2024年4月的数据.
- 采用日志线性面板回归来评估情绪对基金流动和回报的影响.
主要成果:
- 记录了一个"ESG投资悖论":绿色情绪增加导致资金流入增加,但同时回报较低.
- 发现高情绪积极预测下一个月的流动和回报,这表明短期的势头.
- 观察到关键词特定的地理效应,与欧洲基金相比,美国基金显示"绿色"和"气候"关键词的回报率下降更大.
结论:
- 情绪时机至关重要,因为短期影响与中期预测不同.
- 关键词的框架显著影响ESG投资的跨市场动态.
- 价值驱动的关注可以导致基金经理拥挤和执行挑战,影响基金业绩.
相关概念视频
Hindsight Biases
4.2K
Hindsight bias leads you to believe that the event you just experienced was predictable, even though it really wasn’t. In other words, you knew all along that things would turn out the way they did. Can you relate this to the phrase "Hindsight is 20/20" now?
4.2K
Equity Theory
252
Equity theory explains how our sense of fairness influences the dynamics of close relationships. Rooted in social psychology, the theory posits that individuals evaluate fairness by comparing the ratio of their contributions to the rewards they receive. Relationship satisfaction is highest when these ratios are perceived as balanced between partners, promoting mutual reciprocity and a sense of justice.Equity vs. Equality in RelationshipsEquity is distinct from equality. Fairness does not...
252
Framing Effects
7.9K
Information is everywhere and its presentation—such as how and when items are presented—can impact our perceptions and decisions surrounding the info. This broad concept umbrellas framing effects—influences that occur due to the way information is framed in its appearance, whether it’s purely the order or the specific wording of a message. Let’s take a look at numerous ways in which two versions of something can objectively say the same thing, yet we respond in...
7.9K
Motivational Bias
306
Cognitive bias results from limitations in thinking and information processing, leading to systematic errors in judgment. Conversely, motivational bias stems from personal desires or emotions, causing distortions in perception to align with self-interest. Motivational bias influences how individuals perceive and attribute causes to events, often shaped by personal needs, goals, and self-esteem preservation. This bias can distort judgment, leading to inaccurate assessments of success, failure,...
306
Color Vision
1.3K
Color perception begins in the retina, the light-sensitive layer at the back of the eye. Two main theories explain how colors are seen: the trichromatic theory and the opponent-process theory. The trichromatic theory, proposed by Thomas Young in 1802 and extended by Hermann von Helmholtz in 1852, suggests that color vision is based on three types of cone receptors in the retina. These cones are sensitive to different but overlapping ranges of wavelengths corresponding to red, blue, and green.
1.3K
Reason and Intuition
7.4K
The human brain processes information for decision-making using one of two routes: an intuitive system and a rational system (Epstein, 1994; popularized by Kahneman, 2011 as System 1 and System 2, respectively). The intuitive system is quick, impulsive, and operates with minimal effort, relying on emotions or habits to provide cues for what to do next, while the rational system is logical, analytical, deliberate, and methodical. Research in neuropsychology suggests that the...
7.4K


