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The DOI matches its Crossref record; 15 of the 15 references it cites were found in a registry or an index.

Do shareholders benefit from green bonds?

Open access
Tang, Dragon Yongjun, Zhang, Yupu·2020·Journal of Corporate Finance
DOI 10.1016/j.jcorpfin.2018.12.001
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Abstract

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.

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Citations

Cites

Show all 15 references

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Metadata

Authors
Tang, D. Y., & Zhang, Y.
Venue
Journal of Corporate Finance
Publisher
Elsevier BV
Published
2020-04
Volume
61
Pages
101427
ISSN
0929-1199 (ISSN-L)
DOI
10.1016/j.jcorpfin.2018.12.001
OpenAlex
W2905488820
Cited by
1,131
References
15
FWCI
46.61
Type
journal article
Language
en
Open access
green
Licence
  • www.elsevier.com/tdm/userlicense/1.0/ (tdm)
  • www.elsevier.com/legal/tdmrep-license (tdm)

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Tang, D. Y., & Zhang, Y. (2020). Do shareholders benefit from green bonds? Journal of Corporate Finance. https://doi.org/10.1016/j.jcorpfin.2018.12.001

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