Stock Market Reaction to Green Bonds Issuance

Student: Mochenova Ksenia

Faculty: International College of Economics and Finance

Educational Programme: Financial Economics (Master)

Year of Graduation: 2020

In this work I attempt to explain the phenomenon of abnormal returns in response to a green bond issue. Proceeds from green bonds are used for financing environmental-friendly activities, which usually reduce firm's profit (at least ex-ante) and thus one would expect negative market reaction in response to a green bond issue announcement. I produce event study and regression analysis to find what are the key determinants of the abnormal returns that have been estimated with the help of CAPM model.

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