 Oil price shocks and green bonds: An empirical evidenceDina Azhgaliyeva, Zhanna Kapsalyamova and Ranjeeta Mishra Energy Economics, 2022, vol. 112, issue C Abstract: This paper contributes to the existing literature by investigating the impacts of crude oil price shocks on financial markets through an examination of the effect of oil price shocks on the issuance of corporate green bonds. Green bond issuance has been growing fast over the past several years; despite this, the share of green bonds in the total bonds remains less than 1%. Using the multilevel models, this study investigates the effect of flow oil-supply, flow oil-demand, and speculative oil-demand shocks on (1) probability of the corporate green bond issuance and (2) the share of corporate green bond issuance. We find that flow supply shocks, flow demand shocks and the issuance of sovereign green bonds have a positive and significant effect on the probability of the issuance of corporate green bonds, but shocks have no significant impact on the share of the corporate green bond issuance. The results are robust to alternative specifications of our models. Keywords: Green bonds; Sovereign bonds; Green finance; Oil shock; Crude oil price (search for similar items in EconPapers) Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:eee:eneeco:v:112:y:2022:i:c:s0140988322002675 DOI: 10.1016/j.eneco.2022.106108 Access Statistics for this article Energy Economics is currently edited by R. S. J. Tol, Beng Ang, Lance Bachmeier, Perry Sadorsky, Ugur Soytas and J. P. Weyant More articles in Energy Economics from Elsevier |
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