Stock market reaction to green bond issuance

Baulkaran, Vishaal

doi:10.1057/s41260-018-00105-1

Cited by 123 publications

(81 citation statements)

References 20 publications

Supporting

Mentioning

Contrasting

Unclassified

Order By: Relevance

“…Such results were not present in similar investigations. For example, (Baulkaran, 2019) received contrary outputs, the most influential variable for his sample was one representing coupon of bonds, while logarithm of maturity was insignificant, moreover both had negative marks.…”

Section: Resultsmentioning

confidence: 99%

“…In our case this time lag exists between many companies, for instance the biggest one is between firms from Brazil and China. As reference market index we exploit MSCI World Index, because it is widely used in similar studies (Flammer, 2018;Baulkaran, 2019) and it comprises all countries gathered in sample. All stock prices and market index prices were downloaded from Bloomberg database in $US with same cross-rates programmed in the database, due to the evidence that foreign exchange rates significantly influence stock returns (Park, 2004).…”

Section: Methodsmentioning

confidence: 99%

“…Some authors (Roslen et.al., 2017) devise world market model with simultaneous use of world index and national market indexes (NIKKEI, DAX, SAS, etc. ), (Baulkaran, 2019), on the contrary, split the investigation and compare results in two cases. Since there are no critical discrepancies in results of such researches, we would utilize the world index, assuming that global stock market movements significantly affect equity returns in circumstances of involvement of the country into the international economy (Park, 2004).…”

Section: Methodsmentioning

confidence: 99%

“…The vital variable is the dummy variable "Green_Label" Choosing variables for second model we follow other studies (Flammer, 2018;Baulkaran, 2019). The task of second regression is to approximately show using aggregated data, that firm characteristics are also prominent for investors and statistically significant in a model with average CARs as dependent variable.…”

Section: Source: Devised By Authorsmentioning

confidence: 99%

“…Baulkaran, 2019) explains positive CARs by firms and bonds characteristicssize of the firm and assets growth alongside with Tobin's Q are positively related to CARs, while cash flow and higher coupons vice versa.…”

mentioning

confidence: 95%

See 4 more Smart Citations

Does Green Bonds Placement Create Value For Firms?

et al. 2019

View full text Add to dashboard Cite

Section: Resultsmentioning

confidence: 99%

Section: Methodsmentioning

confidence: 99%

Section: Methodsmentioning

confidence: 99%

Section: Source: Devised By Authorsmentioning

confidence: 99%

mentioning

confidence: 95%

See 3 more Smart Citations

Does Green Bonds Placement Create Value For Firms?

et al. 2019

View full text Add to dashboard Cite

Green bonds, sustainable development and environmental policy in the European Union carbon market

2021

View full text Add to dashboard Cite

This study assesses the non-linear effects of green bonds, conventional bonds and energy commodities on the behaviour of the cap-and-trade European Union carbon market (European Union Emissions Trading System [EU-ETS]). By estimating four models, using Markov-switching (MS) econometric methodology, non-linearities are confirmed in dynamic behaviours, observing in the global calculation a positive effect of green bonds (S&P Green and Sol Green) on the carbon market, in regimes of both high and low volatility, whereas conventional bonds (S&P Agg) and energy commodities (DJCI En) contribute to a decrease in the carbon market in regimes of high volatility. The relevance of green bonds is underlined in determining the behaviour of the carbon market, besides observing greater persistence of the low volatility regime. These results allow both investors and fund managers to implement strategies in different volatility or economic activity contexts through a diversified portfolio and green/climate structure.

show abstract

How green bonds promote firms' green collaborative innovation?

Lian,

Huang,

2023

Corp Soc Responsibility Env

View full text Add to dashboard Cite

As one of the most critical green financial tools, green bonds play an essential role in supporting the green collaborative innovation of enterprises. Using the data of China's nonfinancial listed companies from 2010 to 2020, the article examines the impact of green bonds on firms' green collaborative innovation. The results show that issuing green bonds can significantly promote the quantity and quality of firms' green collaborative innovation. The mechanism research shows that green bonds can improve the green independent innovation of enterprises, relieve their financing constraints, and enhance corporate reputation, thus promoting the green collaborative innovation of enterprises. Further research reveals that when enterprises obtain external reviews or repeatedly issue green bonds, their green collaborative innovation improves more significantly. This article indicates that China's green bond market has played a positive role in achieving environmental goals from the perspective of green collaborative innovation.

show abstract

Stock market reaction to green bond issuance

Cited by 123 publications

References 20 publications

Does Green Bonds Placement Create Value For Firms?

Does Green Bonds Placement Create Value For Firms?

Green bonds, sustainable development and environmental policy in the European Union carbon market

How green bonds promote firms' green collaborative innovation?

Contact Info

Product

Resources

About