Relevance of Expectations and Media Based Sentiment for Individual Behavior, Energy and Green Asset Prices

This cumulative dissertation examines the extent to which media-based sentiment and information influence individual expectations and behavior as well as economic developments and market prices. Of particular interest is the question whether sentiment can be regarded as relevant information that leads to behavioral changes and market adjustments, or whether it can be regarded as noise that leads to little or no behavioral and market changes. The role of sentiment and information in the economy is considered in particular in the context of sustainable investments, green asset returns, energy markets, and environmental, social and governance (ESG) indices.

The work comprises a total of five empirical studies. Four of the studies were written jointly with co-authors, while one study was authored solely. Three of the studies were published in peer-reviewed journals, while the other two studies were published as working papers and are currently in the review process for peer-reviewed journals.