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Recently, there has been increasing global interest and concerns towards sustainable and environmental friendly development among firms and investors. In conjunction to this rising demand, Green Bond market was introduced. In providing general overview on how Green Bond is perceived by shareholders, this study attempts to identify the shareholders' wealth reactions towards Green Bond announcements using multi-country samples. Specifically, we find that shareholders generally react positively a day after the Green Bond announcements were made by issuers. Overall, this study would be useful for future researchers who plan to explore the potential of using multi-country event study methodology and to add more evidence on existing literatures in relation to credit risk valuation for international corporate Green Bonds.

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