Three-Phase Hybrid Converter With Simultaneous DC and AC Outputs

Wang, Rutian; Wang, Xuedong; Wang, Xiuyun

doi:10.1109/access.2023.3252908

Cited by 1 publication

(4 citation statements)

References 24 publications

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“…Marie Dutordoir, Shuyu Li and JoÃO Quariguasi Frota Neto The academic literature on green bonds is undoubtedly growing at a fast pace. However, most previous papers examine green bonds from an investor's viewpoint, analysing their yields (Baker et al, 2022;Gianfrate and Peri, 2019;Kapraun et al, 2021;Karpf and Mandel, 2018;Larcker and Watts, 2020;MacAskill et al, 2021;Nanayakkara and Colombage, 2019;Wang and Wu, 2022;Zerbib, 2019), currency mismatch risk (Zheng, 2021) or shareholder value effects (Baulkaran, 2019;Tang and Zhang, 2020;Wang et al, 2020). Our paper fits within a much smaller substream of studies examining green bonds from a corporate issuer's viewpoint.…”

Section: Introductionmentioning

confidence: 87%

“…Larcker and Watts (2020), Tang and Zhang (2020) and Flammer (2021) find no evidence of a greenium, and Karpf and Mandel (2018) even find higher yields for green than for matched non-green bonds. Conversely, Zerbib (2019) and Wang and Wu (2022) detect a (small) greenium, which they attribute to investor preferences for corporate greenness. We thus obtain the following hypothesis: H4 (Catering Incentives): Firms are more likely to issue green instead of conventional bonds during windows with stronger investor pro-environmental preferences, leading to lower green bond financing costs.…”

Section: Hypotheses On the Determinants Of Green Bond Issuancementioning

confidence: 99%

“…We therefore average the yield differential over the two quarters before the bond issuance and call the resulting time-series variable Greenium. 9 A higher Greenium captures windows with stronger investor tastes for green securities (Wang and Wu, 2022). Baker, Greenwood and Wurgler (2009) argue that temporal fluctuations in stock market reactions to stock splits capture investor preferences for lower nominal share prices.…”

Section: Explanatory Variablesmentioning

confidence: 99%

“…Fourth, unlike conventional bonds, green bonds may appeal to investors with pro-environmental tastes who are willing to sacrifice pecuniary for societal benefits (Fama and French, 2007;Hartzmark and Sussman, 2019;Zerbib, 2019). As a result, issuers may obtain more favourable financing terms for green than for comparable conventional bonds (Wang and Wu, 2022). Hypothesis H4 (Catering Incentives) therefore predicts that firms are more likely to substitute green for conventional bonds during windows with a stronger investor preference for green bonds.…”

Section: Introductionmentioning

confidence: 98%

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Issuer Motivations for Corporate Green Bond Offerings

Dutordoir

Neto

2023

British J of Management

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Despite the substantial increase in green bond issuance over the past decade, evidence on the drivers and costs of corporate green bond issuance is lacking. We develop four novel hypotheses on the determinants of firms’ choice between green and conventional bonds, by connecting the four distinct features of green bonds with relevant theories. We test these hypotheses on a sample of green and conventional bonds issued by US, Western European and Chinese firms between 2014 and 2021, using linear probability models and alternative approaches. Consistent with our hypotheses, we find that firms with higher reputational gains from being seen as green and a stronger focus on eco‐innovation are more likely to issue green instead of conventional bonds. Conversely, we obtain only limited evidence that green bond issuance is driven by the net benefits of additional disclosure and no evidence that green bond issuers cater to time‐varying investor preferences for corporate greenness. Our results, which survive several robustness tests, are relevant for corporate managers, investors and bond market regulators.

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