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- Publisher Website: 10.1016/j.jcorpfin.2018.12.001
- Scopus: eid_2-s2.0-85059736444
- WOS: WOS:000528038800008
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Article: Do Shareholders Benefit from Green Bonds?
Title | Do Shareholders Benefit from Green Bonds? |
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Authors | |
Keywords | Green bonds Corporate social responsibility Environmental social and governance (ESG) Institutional ownership Stock liquidity |
Issue Date | 2020 |
Publisher | Elsevier BV. The Journal's web site is located at http://www.elsevier.com/locate/jcorpfin |
Citation | Journal of Corporate Finance, 2020, v. 61, p. article no. 101427 How to Cite? |
Abstract | The green bond market has been growing rapidly worldwide since its debut in 2007. We present the first empirical study on the announcement returns and real effects of green bond issuance by firms in 28 countries during 2007–2017. After compiling a comprehensive international green bond dataset, we document that stock prices positively respond to green bond issuance. However, we do not find a consistently significant premium for green bonds, suggesting that the positive stock returns around green bond announcements are not fully driven by the lower cost of debt. Nevertheless, we show that institutional ownership, especially from domestic institutions, increases after the firm issues green bonds. Moreover, stock liquidity significantly improves upon the issuance of green bonds. Overall, our findings suggest that the firm's issuance of green bonds is beneficial to its existing shareholders. |
Persistent Identifier | http://hdl.handle.net/10722/279025 |
ISSN | 2023 Impact Factor: 7.2 2023 SCImago Journal Rankings: 3.182 |
ISI Accession Number ID |
DC Field | Value | Language |
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dc.contributor.author | Tang, DY | - |
dc.contributor.author | ZHANG, Y | - |
dc.date.accessioned | 2019-10-21T02:18:14Z | - |
dc.date.available | 2019-10-21T02:18:14Z | - |
dc.date.issued | 2020 | - |
dc.identifier.citation | Journal of Corporate Finance, 2020, v. 61, p. article no. 101427 | - |
dc.identifier.issn | 0929-1199 | - |
dc.identifier.uri | http://hdl.handle.net/10722/279025 | - |
dc.description.abstract | The green bond market has been growing rapidly worldwide since its debut in 2007. We present the first empirical study on the announcement returns and real effects of green bond issuance by firms in 28 countries during 2007–2017. After compiling a comprehensive international green bond dataset, we document that stock prices positively respond to green bond issuance. However, we do not find a consistently significant premium for green bonds, suggesting that the positive stock returns around green bond announcements are not fully driven by the lower cost of debt. Nevertheless, we show that institutional ownership, especially from domestic institutions, increases after the firm issues green bonds. Moreover, stock liquidity significantly improves upon the issuance of green bonds. Overall, our findings suggest that the firm's issuance of green bonds is beneficial to its existing shareholders. | - |
dc.language | eng | - |
dc.publisher | Elsevier BV. The Journal's web site is located at http://www.elsevier.com/locate/jcorpfin | - |
dc.relation.ispartof | Journal of Corporate Finance | - |
dc.subject | Green bonds | - |
dc.subject | Corporate social responsibility | - |
dc.subject | Environmental social and governance (ESG) | - |
dc.subject | Institutional ownership | - |
dc.subject | Stock liquidity | - |
dc.title | Do Shareholders Benefit from Green Bonds? | - |
dc.type | Article | - |
dc.identifier.email | Tang, DY: yjtang@hku.hk | - |
dc.identifier.authority | Tang, DY=rp01096 | - |
dc.description.nature | link_to_subscribed_fulltext | - |
dc.identifier.doi | 10.1016/j.jcorpfin.2018.12.001 | - |
dc.identifier.scopus | eid_2-s2.0-85059736444 | - |
dc.identifier.hkuros | 308111 | - |
dc.identifier.hkuros | 309658 | - |
dc.identifier.volume | 61 | - |
dc.identifier.spage | article no. 101427 | - |
dc.identifier.epage | article no. 101427 | - |
dc.identifier.isi | WOS:000528038800008 | - |
dc.publisher.place | Netherlands | - |
dc.identifier.issnl | 0929-1199 | - |