The Increasing Importance of Green Bonds as Instruments of Impact Investing: Towards a New European Standardisation

Quirici, Maria Cristina

doi:10.1007/978-3-030-40248-8_8

Cited by 9 publications

(4 citation statements)

References 5 publications

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“…Ferrer et al, 2021) argue that the green bond market is young and consequently the academic research on green bonds is rather limited and inconclusive. However, in the past few years, there is an abundance of papers devoted to the topic of green bonds (Quirici, 2020;Cheong & Choi, 2020;Hammoudeh et al, 2020;Maltais & Nykvist, 2020). There are two directions in investigating the implications of green bond financing.…”

Section: Introductionmentioning

confidence: 99%

Sustainability Bonds. An International Event Study

Mocanu

Constantin

Cernat-Gruici

2021

Journal of Business Economics and Management

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Sustainability bonds enable capital-raising and investment for those projects that have both a positive impact on the environment and a positive social outcome. This study examines the stock market reaction to the announcement of sustainability bonds issuance. The present research is designed as follows: first, an event study that examines the market reaction and second, a highlight of drivers influencing this market reaction via a linear regression with cluster-robust standard errors. Overall, small and negative sample-wide reactions to sustainability bond issue announcements were found. Additionally, the study finds significant negative abnormal returns before the publication in June 2018 of The Sustainability Bond Guidelines by the International Capital Market Association. Specifically, the size of the bond issue, whether the bond is callable or not, the announcement of the issue as a single event in a day, the company’s Return on Assets, the firm’s social disclosure score, and the issuance of the bond prior or after June 2018 are statistically significant factors that influence the stock returns of issuers.

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Section: Introductionmentioning

confidence: 99%

Sustainability Bonds. An International Event Study

Mocanu

Constantin

Cernat-Gruici

2021

Journal of Business Economics and Management

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“…Regarding the impact of the green bonds, the following studies attempt to explain the impact of green bond financing on the environmental projects, profitability, credit quality, environmental and financial performance, energy efficiency investment and economic growth Quirici (2018); Alonso-Conde and Rojo-Suárez (2020); Yeow and Ng (2021); and Ning et al (2022). These researches have indicated that the green bond' proceeds aim to finance green or environmental projects Quirici (2018). Simultaneously, other research concentrated on studying green bond financing gives financial incentives for sponsors and provides higher returns for shareholders compared to conventional financing Alonso-Conde and Rojo-Suárez (2020).…”

Section: Literature Reviewmentioning

confidence: 99%

“…In addition to, some studies focused on the impact of role of green bond on environmental and financial performance, energy efficiency investment and economic growth Yeow and Ng (2021) and Ning et al (2022). Quirici (2018) suggests that green Bonds are substantial for the providing a new opportunity to investors and are one of the most substantial tools of impact investment. These chances aligned with the Sustainable Development Goals (SDGs) and, at the same time, the green bonds can be deemed as a bridge to achieve these goals.…”

Section: Literature Reviewmentioning

confidence: 99%

“…These chances aligned with the Sustainable Development Goals (SDGs) and, at the same time, the green bonds can be deemed as a bridge to achieve these goals. Quirici (2018) shows that the green bonds' proceeds are specially aimed at finance green or environmental projects. This study indicates that there a significant problem for investors is existing a different way of assessing the bond greenness, so that the investors find uncertainty to classify if a project is climate-friendly or not.…”

Section: Literature Reviewmentioning

confidence: 99%

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The Impact of Green Bonds on Banking Sector Performance: A Comparative Study on Developed and Emerging Markets

Nabil¹

2023

Journal of Applied Finance &Amp; Banking

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Green finance is a new trend in countries’ future financial development, which has far-reaching significance for build resilience against the impacts of climate change and reduce greenhouse gas emissions. Whereas due to the importance of this issue, the financial institutions tend to use financial derivatives such as green credit and green bonds to help transform the economy to green. Hence, this paper investigates the impact of green bonds on the banking sector annually from the 2013 up to 2021 for 14 countries, focusing on emerging and developed markets. Green bonds have been measured by log total value of green bonds and green bonds to GDP, while the performance of banking sector is measured by capital adequacy and profitability. Using panel data, the findings indicate that there is a significant impact of the green bonds on banking sectors performance in certain markets. Overall, the results reveal the significant impact of green bond on the performance of banks' sector, most notably on the capital adequacy. This has to be more elaborated through further research to investigate the effect of green bonds on Stock market. JEL classification numbers: E58, G21, Q54, Q58. Keywords: Banking Sector, Developed Markets, Emerging Markets, Financial performance, Green Bonds, Greenhouse Gas Emissions.

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Sustainable Finance: Trends, Opportunities and Risks

Torre

Chiappini

2020

Palgrave Studies in Impact Finance

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The Increasing Importance of Green Bonds as Instruments of Impact Investing: Towards a New European Standardisation

Cited by 9 publications

References 5 publications

Sustainability Bonds. An International Event Study

Sustainability Bonds. An International Event Study

The Impact of Green Bonds on Banking Sector Performance: A Comparative Study on Developed and Emerging Markets

Sustainable Finance: Trends, Opportunities and Risks

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