The Stock Market Reaction to Green Bond Issuance: A Study Based on a Multidimensional Scaling Approach

Wided Khiari, Ines Ben Flah, Azhaar Lajmi () and Fida Bouhleli
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Wided Khiari: GEF2A Laboratory, Institut Supérieur de Gestion de Tunis, University of Tunis, Tunis Q5V7+P4W, Tunisia
Ines Ben Flah: GEF2A Laboratory, Institut Supérieur de Gestion de Tunis, University of Tunis, Tunis Q5V7+P4W, Tunisia
Azhaar Lajmi: GEF2A Laboratory, Institut Supérieur de Gestion de Tunis, University of Tunis, Tunis Q5V7+P4W, Tunisia
Fida Bouhleli: GEF2A Laboratory, Institut Supérieur de Gestion de Tunis, University of Tunis, Tunis Q5V7+P4W, Tunisia

JRFM, 2024, vol. 17, issue 9, 1-33

Abstract: The aim of this study is to examine the impact of green bond issuance on the stock market, based on the share prices of 29 companies located in different countries around the world. Using our financial map and applying clustering techniques, we study price fluctuations and identify the influences shaping them. Our contribution lies in methodological innovation through a Multidimensional Scaling approach. Based on this innovative approach, the results of this investigation revealed a complex dynamic in which various factors such as company size, issue volume, total number of issues, geographical location, country GDP, and even governance indices such as the corruption index interact significantly.

Keywords: green bonds; green finance; financial map; two-step cluster analysis (search for similar items in EconPapers)
JEL-codes: C E F2 F3 G (search for similar items in EconPapers)
Date: 2024
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