Financing environmentally-sustainable projects with green bonds

Agliardi, Elettra; Agliardi, Rossella

doi:10.1017/s1355770x19000020

Cited by 161 publications

(94 citation statements)

References 12 publications

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“…This number appears small compared to the size of total European domiciled bond fund assets with about EUR 2.5 trillion as of December 2018 (Sewell 2019). The rising environmental awareness among investors contributes to an increased demand for green bonds and to oversubscriptions, thus enabling the funding of eco-friendly projects in a cheaper way (Agliardi and Agliardi 2019).…”

Section: For Issuers a Formidable Marketing Toolmentioning

confidence: 99%

What Future for the Green Bond Market? How Can Policymakers, Companies, and Investors Unlock the Potential of the Green Bond Market?

Deschryver

Mariz

2020

JRFM

135

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The green bond market is attracting new issuers and a more diversified base of investors. However, the size of the green bond market remains small compared to the challenges it is meant to address and to the overall traditional bond market. This paper is based on a unique methodology combining an extensive literature review, market data analysis, and interviews with a large spectrum of green bond market participants. We identify the current barriers explaining the lack of scalability of the green bond market: a deficit of harmonized global standards; risks of greenwashing; the perception of higher costs for issuers; the lack of supply of green bonds for investors; and the overall infancy of the market. This paper makes several recommendations to overcome these obstacles and unlock the full potential of green bonds to finance sustainability goals.

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Section: For Issuers a Formidable Marketing Toolmentioning

confidence: 99%

What Future for the Green Bond Market? How Can Policymakers, Companies, and Investors Unlock the Potential of the Green Bond Market?

Deschryver

Mariz

2020

JRFM

135

View full text Add to dashboard Cite

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“…The notion of "greenium" has also been treated by Agliardi and Agliardi (2019), who questioned the financial interest of a Green Bond as a funding tool. The authors conclude that this green premium, that would make Green bonds a cheaper than conventional bonds, might be even more present and important for Green bond issuances with a high underlying asset volatility, high parameters that govern the green underlying technology, and low corporate tax rates.…”

Section: Green Bond Marketmentioning

confidence: 99%

Corporate Green Bond Issuances: An International Evidence

Lebelle

Jarjir

Sassi

2020

JRFM

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Using an international sample of corporate Green bond issuances over the recent period, this paper highlights the potential consequences of the issuance of a Green bond on the issuer’s financial performance. Starting with a first sample of 2079 Green bond issuances of 190 unique issuers from 2009 to 2018, we investigate only corporate green bond issuances. Our final sample contains 475 green bonds issued by 145 unique firms. We find that the market reacts negatively to the announcement of green bond issuances. In particular, results show that the stock market reacts on the day of the green bond announcement date and the day after, and that the cumulative abnormal return is between −0.5% and −0.2%, depending on the asset pricing model (CAPM, the 3-factor Fama and French models, and the 4-factor Carhart models). This effect is mainly noticeable at the first Green Bond issuance and in developed markets. Our results provide evidence that the investors react in the same manner for Green bonds as for conventional or convertible bonds. This evidence suggests that green debt offerings convey unfavorable information about the issuing firms.

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“…Onwezen & Bartels also found that practitioners who have a positive emotion of belonging to tourism are more inclined to engage in friendly behaviour towards tourists [12]. Agliardi E & Agliardi R point out some respondents linked protective behaviour to time costs and higher spending constraints, although most of them showed better awareness their hazards of the pandemic and more positive attitudes of preventing COVID-19 [13]. Olya and Akhshik also consider that the barriers of proactive protection behaviour, including money cost, emotional input and awareness of responsibility [14].…”

Section: Personal Protective Intention Of Local Tourism Practitionermentioning

confidence: 99%

Intention of Tourism Practitioners to Behave Actively Prevent COVID-19 in Zhangjiajie

Tang¹,

Liu²

2020

Preprint

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(1) Background: This study examines the intention to behave actively prevent COVID-19 among local tourism practitioners by adopting an empirically validated norm activation model (NAM) of Schwartz and merging it with the Expectancy theory of Vroom; (2) Methods: The study aims to develops a theoretical framework for understanding the formation and predicting the change of personal protective intention to prevent COVID-19. Based on 514 valid responses from the field surveys; (3) Results: The author develops the refined model including 7 constructs and 26 observational items, and the results showed that the refined model has enjoys a better predictive accuracy of protective intention than the original NAM; and (4) Conclusions: The intention of preventing COVID-19 should needs wider public support and advocacy, and recognizing the change rule of improving behavioral intentions of preventing COVID-19 to maintain the safe tourism image of tourist attractions in Zhangjiajie is also beneﬁts for local tourism practitioners.

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Financing environmentally-sustainable projects with green bonds

Cited by 161 publications

References 12 publications

What Future for the Green Bond Market? How Can Policymakers, Companies, and Investors Unlock the Potential of the Green Bond Market?

What Future for the Green Bond Market? How Can Policymakers, Companies, and Investors Unlock the Potential of the Green Bond Market?

Corporate Green Bond Issuances: An International Evidence

Intention of Tourism Practitioners to Behave Actively Prevent COVID-19 in Zhangjiajie

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