DOES GREEN BONDS PLACEMENT CREATE VALUE FOR FIRMS?
Ilia Kuchin (),
Gennady Baranovskii (),
Yury Dranev and
Additional contact information
Ilia Kuchin: National Research University Higher School of Economics
Gennady Baranovskii: National Research University Higher School of Economics
HSE Working papers from National Research University Higher School of Economics
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
New Economics Papers: this item is included in nep-env
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (3) Track citations by RSS feed
Published in WP BRP Series: Science, Technology and Innovation / STI, October 2019, pages 1-24
Downloads: (external link)
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX
RIS (EndNote, ProCite, RefMan)
Persistent link: https://EconPapers.repec.org/RePEc:hig:wpaper:101sti2019
Access Statistics for this paper
More papers in HSE Working papers from National Research University Higher School of Economics
Bibliographic data for series maintained by Shamil Abdulaev () and Shamil Abdulaev ().