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Attention, ESG, and Retail Investor Stock Holdings
Horn, Matthias; Oehler, Andreas (2026): Attention, ESG, and Retail Investor Stock Holdings, in: Bamberg: Otto-Friedrich-Universität, S. 181–199.
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Publisher Information:
Year of publication:
2026
Pages:
Source/Other editions:
The journal of behavioral finance : a publication of the Institute of Behavioral Finance, New York, NY [u.a.]: Routledge, Taylor & Francis Group, 2026, Jg. 27, Nr. 2, S. 181–199, ISSN: 1542-7579, 1542-7560
Year of first publication:
2026
Language:
English
Abstract:
This study examines retail investors’ stock purchase-, hold-, and sell-decisions based on two factors: how much attention the stocks get and their environmental, social, and governance (ESG) ratings. We use Google search data, ESG ratings from five different providers, and various market indicators to account for overall climate change concerns, environmental awareness, and market sentiment. We discover that retail investors’ purchase-, hold-, and sell-decisions are related to a stock’s abnormal Google search volume, ESG ratings, returns, analyst recommendations, and market sentiment. Importantly, this study is the first to identify factors that influence retail investors’ decisions to hold or sell stocks.
Keywords: ; ; ; ;
Attention
ESG
Google search volume
Investor behavior
Sustainability
Type:
Article
Activation date:
June 19, 2026
Project(s):
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https://fis.uni-bamberg.de/handle/uniba/115652