The Differential Impact of Investor Behavioural Biases on US Sustainable and Non-Sustainable Firms: A...

— —

R.M. Vajirapanie Bandaranayake

The Differential Impact of Investor Behavioural Biases on US Sustainable and Non-Sustainable Firms

Name: The Differential Impact of Investor Behavioural Biases on US Sustainable and Non-Sustainable Firms
Price: 165.78 AUD
Availability: OutOfStock
ISBN: 9783658506674

A Three-Factor Model Approach

R.M. Vajirapanie Bandaranayake

$206.95 $165.78

Paperback

Not in-store but you can order this
How long will it take?

Availability Information

We source books from suppliers in Australia and overseas. For books we don't currently have in stock, the time it takes to get them from our suppliers can vary widely - from a few days to a few months - so we check each book with each supplier to determine the expected time it will take to be supplied to us.

We will update you on expected arrival time to us. If this delay is too long, please let us know within 2 business days and we can give you options regarding cancelling or adjusting your order. More details on cancelling your order can be found in our Terms of Trade.

To find out the anticipated arrival time for specific items prior to ordering, please contact us by phone or email:

Phone +61 2 9264 3111, or 1800 4 BOOKS (1800 4 26657) if outside Sydney:
option 1 Abbey's Bookshop (Crime, History, Science, Kids & more) • info@abbeys.com.au
option 2 Language Book Centre (ESL & Foreign Languages) • language@abbeys.com.au
option 3 Galaxy Bookshop (Sci-fi, Fantasy, Romance, Graphic Novels) • sf@galaxybooks.com.au

QTY:

English

Springer Gabler
20 January 2026

Behavioural economics; Investment & securities; Business ethics

Series: BestMasters

This study explores how investor behavioural biases influence sustainable (high-ESG) and non-sustainable (low-ESG) firms in the United States, using the behavioural three-factor model introduced by Daniel, Hirshleifer and Sun (2020). The model includes two behavioural factors: limited attention bias, which captures short-term anomalies (indicated by the Post-Earnings Announcement Drift or PEAD), and overconfidence bias, a long-term bias (as indicated by the Financing or FIN factor). By analyzing both high- and low-ESG portfolios, the study finds that both portfolios are exposed to the two biases, but the degree of exposure varies significantly. The high-ESG portfolio shows positive loadings on both behavioural factors, indicating efficient price corrections, while the low-ESG portfolio sees negative loadings. This difference in factor loadings for ESG portfolios is novel. It is likely due to arbitrage frictions. The study also finds that these biases are more pronounced during bull market phases, while they diminish in bear market phases (the overconfidence bias weakens, and the limited attention bias loses statistical significance). Furthermore, the high-ESG portfolio returns are less susceptible to overall market movements and thus offer greater downside protection during bear markets.

By: R.M. Vajirapanie Bandaranayake
Imprint: Springer Gabler
Country of Publication: Germany
Dimensions: Height: 210mm, Width: 148mm,
ISBN: 9783658506674
ISBN 10: 3658506679
Series: BestMasters
Pages: 59
Publication Date: 20 January 2026
Audience: College/higher education , Further / Higher Education
Format: Paperback
Publisher's Status: Active

Introduction.- Literature Review.- Methodology and Data.- Results and Discussion.- Limitations and Future Research.- Conclusion.

R.M. Vajirapanie Bandaranayake was a FACT master's student at HWR Berlin. She currently works as a company valuation consultant at an audit firm.