Do green bonds affect stock returns and corporate environmental performance? Evidence from China

Fan, Ruixin; Xiong, Xiong; Li, Youwei; Gao, Ya

Abstract

We reveal the positive short-term stock market reaction to the announcement of green bond issuance, which does not exist for factual green bonds. For long-term performance, green bond issuance promotes corporate environmental information disclosure and attracts green investors.

Citation

Fan, R., Xiong, X., Li, Y., & Gao, Y. (2023). Do green bonds affect stock returns and corporate environmental performance? Evidence from China. Economics letters, 232, Article 111322. https://doi.org/10.1016/j.econlet.2023.111322

• Journal Article Type: Article
• Acceptance Date: Aug 25, 2023
• Online Publication Date: Aug 30, 2023
• Publication Date: Nov 1, 2023
• Deposit Date: Aug 31, 2023
• Publicly Available Date: Mar 1, 2025
• Journal: Economics Letters
• Print ISSN: 0165-1765
• Publisher: Elsevier
• Peer Reviewed: Peer Reviewed
• Volume: 232
• Article Number: 111322
• DOI: https://doi.org/10.1016/j.econlet.2023.111322
• Keywords: Green bond issuance; Factual green bonds; Market reaction; Environmental information disclosure; Green investors
• Public URL: https://hull-repository.worktribe.com/output/4372211