Long Term Value of Green Bonds

Student: Gornostaeva Ekaterina

Supervisor: Arkaja Chakraverty

Faculty: International College of Economics and Finance

Educational Programme: Double degree programme in Economics of the NRU HSE and the University of London (Bachelor)

Year of Graduation: 2019

The following paper investigates research of green bond market, using empirical models of event study, regression analysis and difference-in-difference approach. After researching US green bond market, we find evidence of abnormal returns for green bond issuers which is evident from 2 to 4 trading weeks. Moreover, we find evidence that maturity of bond, coupon and debt influence abnormal returns of the issuer of green bonds. We also find long term improvement of profitability of green bond issuers as well as lower cost of debt. We find improvement in ESG rating and report consistent higher environment and green innovative rating.

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