• A
  • A
  • A
  • ABC
  • ABC
  • ABC
  • А
  • А
  • А
  • А
  • А
Regular version of the site

Stock Market Reaction to Green Bonds Issuance

Student: Ksenia Mochenova

Supervisor: Sergey Stepanov

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.

Student Theses at HSE must be completed in accordance with the University Rules and regulations specified by each educational programme.

Summaries of all theses must be published and made freely available on the HSE website.

The full text of a thesis can be published in open access on the HSE website only if the authoring student (copyright holder) agrees, or, if the thesis was written by a team of students, if all the co-authors (copyright holders) agree. After a thesis is published on the HSE website, it obtains the status of an online publication.

Student theses are objects of copyright and their use is subject to limitations in accordance with the Russian Federation’s law on intellectual property.

In the event that a thesis is quoted or otherwise used, reference to the author’s name and the source of quotation is required.

Search all student theses