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This study examines how investor behavioural biases influence sustainable and non-sustainable firms in the United States. Using a behavioural three-factor model, it shows that both high- and low-ESG firms are affected by overconfidence and limited attention biases, though to different extents. High-ESG firms exhibit more efficient price corrections and greater resilience during market downturns, while low-ESG firms experience more persistent mispricing.

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Introduction

  • 章节

  • 发表日期：

    2026年

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  • R.M. Vajirapanie Bandaranayake

摘要

This study examines how investor behavioural biases influence sustainable and non-sustainable firms in the United States. Using a behavioural three-factor model, it shows that both high- and low-ESG firms are affected by overconfidence and limited attention biases, though to different extents. High-ESG firms exhibit more efficient price corrections and greater resilience during market downturns, while low-ESG firms experience more persistent mispricing.