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DOES GREEN BONDS PLACEMENT CREATE VALUE FOR FIRMS?

Ilia Kuchin (), Gennady Baranovskii (), Yury Dranev () and Alexander Chulok ()
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Ilia Kuchin: National Research University Higher School of Economics
Gennady Baranovskii: National Research University Higher School of Economics
Yury Dranev: National Research University Higher School of Economics
Alexander Chulok: National Research University Higher School of Economics

HSE Working papers from National Research University Higher School of Economics

Abstract: The goal of this research is to add to the existing corpus of knowledge concerning particular green finance instrument - green bonds. It tries to answer some questions relevant for both scholars and business in order to reinforce the development of green bonds market. One of these questions is whether green bonds issuance cause positive market reaction. Resent activities in global agenda, starting from United Nations Sustainable Goals released in 2015 and endings huge public attention for green issues in 2019 impose additional burden on companies’ competitiveness. Our major hypothesis is that ecological factors affect investors’ decisions whose portfolios and investment declarations are getting to be more aligned with global ecological agenda. The green bonds issuance provide a signal for investors that the issuing firm is involved in sustainable development and hence its stock may be included in the portfolio. The study discovers the significance of the “green” label for the stock market reaction. Alongside, it studies some other features of green bonds, fostering their evolvement and justifying their costs for issuers.

Keywords: green bonds; stock returns; event study; bonds issuance (search for similar items in EconPapers)
JEL-codes: G10 G12 G14 Q01 (search for similar items in EconPapers)
Pages: 24 pages
Date: 2019
New Economics Papers: this item is included in nep-env
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Published in WP BRP Series: Science, Technology and Innovation / STI, October 2019, pages 1-24

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https://wp.hse.ru/data/2019/10/30/1532092144/101STI2019.pdf (application/pdf)

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Persistent link: https://EconPapers.repec.org/RePEc:hig:wpaper:101sti2019

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