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The market reaction to green bond issuance: Evidence from China

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  1. Marcin Liberadzki & Piotr Jaworski & Kamil Liberadzki, 2021. "Spread Analysis of the Sustainability-Linked Bonds Tied to an Issuer’s Greenhouse Gases Emissions Reduction Target," Energies, MDPI, vol. 14(23), pages 1-12, November.
  2. Chuc Anh Tu & Tapan Sarker & Ehsan Rasoulinezhad, 2020. "Factors Influencing the Green Bond Market Expansion: Evidence from a Multi-Dimensional Analysis," JRFM, MDPI, vol. 13(6), pages 1-14, June.
  3. Yoshihiro Zenno & Kentaka Aruga, 2022. "Institutional Investors’ Willingness to Pay for Green Bonds: A Case for Shanghai," JRFM, MDPI, vol. 15(11), pages 1-16, November.
  4. Yuanfeng Hu & Yixiang Tian & Luping Zhang, 2023. "Green Bond Pricing and Optimization Based on Carbon Emission Trading and Subsidies: From the Perspective of Externalities," Sustainability, MDPI, vol. 15(10), pages 1-20, May.
  5. Ann Susan Thomas & Ambili Jayachandran & Ajithakumari Vijayappan Nair Biju, 2024. "Strategic mapping of the environmental social governance landscape in finance – A bibliometric exploration through concepts and themes," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 31(5), pages 4428-4453, September.
  6. Lin, Boqiang & Su, Tong, 2022. "Green bond vs conventional bond: Outline the rationale behind issuance choices in China," International Review of Financial Analysis, Elsevier, vol. 81(C).
  7. Ana-Belén Alonso-Conde & Javier Rojo-Suárez, 2020. "On the Effect of Green Bonds on the Profitability and Credit Quality of Project Financing," Sustainability, MDPI, vol. 12(16), pages 1-19, August.
  8. Kristin Ulrike Löffler & Aleksandar Petreski & Andreas Stephan, 2021. "Drivers of green bond issuance and new evidence on the “greenium”," Eurasian Economic Review, Springer;Eurasia Business and Economics Society, vol. 11(1), pages 1-24, March.
  9. Juan Camilo Mejía-Escobar & Juan David González-Ruiz & Giovanni Franco-Sepúlveda, 2021. "Current State and Development of Green Bonds Market in the Latin America and the Caribbean," Sustainability, MDPI, vol. 13(19), pages 1-25, September.
  10. Diana Pop & Caroline Marie-Jeanne & Régis Dumoulin, 2023. "Socialium or the Financial Price of Social Responsibility [« Socialium » ou le prix financier de la responsabilité sociale]," Post-Print hal-04120305, HAL.
  11. Andini Nurul Aini & Citra Sukmadilaga & Erlane K. Ghani, 2023. "Green Bonds, Investor Attention and Stock Market Reaction: Evidence from ASEAN Countries," International Journal of Energy Economics and Policy, Econjournals, vol. 13(6), pages 334-343, November.
  12. Jie Zhou & Shanyue Jin, 2023. "Corporate Environmental Protection Behavior and Sustainable Development: The Moderating Role of Green Investors and Green Executive Cognition," IJERPH, MDPI, vol. 20(5), pages 1-18, February.
  13. Qi, Xiaohong & Zhang, Guofu, 2022. "Dynamic connectedness of China’s green bonds and asset classes," The North American Journal of Economics and Finance, Elsevier, vol. 63(C).
  14. Wang, Zhipeng & Zhang, Mei & Ageli, Mohammed Moosa, 2022. "Revisiting resource curse hypothesis and sustainable development: Evaluating the role of financial risk for USA," Resources Policy, Elsevier, vol. 79(C).
  15. Zhao, Mingguo & Park, Hail, 2024. "Quantile time-frequency spillovers among green bonds, cryptocurrencies, and conventional financial markets," International Review of Financial Analysis, Elsevier, vol. 93(C).
  16. Wang, Wanqi & Qu, Zhaoguang, 2024. "Sustainable finance for promoting prosperity and recovery: The impact of mobilizing capital to expand natural resource efficiency," Resources Policy, Elsevier, vol. 91(C).
  17. Yang, Shuangpeng & umar, Muhammad, 2022. "How globalization is reshaping the environmental quality in G7 economies in the presence of renewable energy initiatives?," Renewable Energy, Elsevier, vol. 193(C), pages 128-135.
  18. Naeem, Muhammad Abubakr & Karim, Sitara & Uddin, Gazi Salah & Junttila, Juha, 2022. "Small fish in big ponds: Connections of green finance assets to commodity and sectoral stock markets," International Review of Financial Analysis, Elsevier, vol. 83(C).
  19. Wang, Hu & Jiang, Shuyang, 2023. "Green bond issuance and stock price informativeness," Economic Analysis and Policy, Elsevier, vol. 79(C), pages 120-133.
  20. Muhammad Abubakr Naeem & Sitara Karim & Aviral Kumar Tiwari, 2023. "Risk Connectedness Between Green and Conventional Assets with Portfolio Implications," Computational Economics, Springer;Society for Computational Economics, vol. 62(2), pages 609-637, August.
  21. Cheng, Liubing & Chen, Yanyan & Zhang, Yan, 2022. "Business groups and corporate bond costs: Evidence from China," Pacific-Basin Finance Journal, Elsevier, vol. 75(C).
  22. Shi, Ning & Wang, Ying & Chen, Wenzhe, 2022. "Many hands make light work: Evidence from China’s anti-epidemic bonds," Economics Letters, Elsevier, vol. 214(C).
  23. Wang, Xue & Liu, Qingyuan, 2024. "Information disclosure and ESG rating disagreement: Evidence from green bond issuance in China," Pacific-Basin Finance Journal, Elsevier, vol. 85(C).
  24. Su, Tong & Lin, Boqiang, 2022. "The liquidity impact of Chinese green bonds spreads," International Review of Economics & Finance, Elsevier, vol. 82(C), pages 318-334.
  25. Jia, Junsheng & He, Xiaoyu & Zhu, Taiyu & Zhang, Eryu, 2023. "Does green finance reform promote corporate green innovation? Evidence from China," Pacific-Basin Finance Journal, Elsevier, vol. 82(C).
  26. Umar, Zaghum & Hadhri, Sinda & Abakah, Emmanuel Joel Aikins & Usman, Muhammad & Umar, Muhammad, 2024. "Return and volatility spillovers among oil price shocks and international green bond markets," Research in International Business and Finance, Elsevier, vol. 69(C).
  27. Ren, Penghan & Cheng, Zhonghua & Dai, Qingling, 2024. "Can green bond issuance promote enterprise green technological innovation?," The North American Journal of Economics and Finance, Elsevier, vol. 69(PA).
  28. Okimoto, Tatsuyoshi & Takaoka, Sumiko, 2024. "Sustainability and credit spreads in Japan," International Review of Financial Analysis, Elsevier, vol. 91(C).
  29. Yuan, Xi & Qin, Meng & Zhong, Yifan & Nicoleta-Claudia, Moldovan, 2023. "Financial roles in green investment based on the quantile connectedness," Energy Economics, Elsevier, vol. 117(C).
  30. Pham, Linh & Nguyen, Canh Phuc, 2021. "Asymmetric tail dependence between green bonds and other asset classes," Global Finance Journal, Elsevier, vol. 50(C).
  31. Huang, Chih-Yueh & Dekker, David & Christopoulos, Dimitrios, 2023. "Rethinking greenium: A quadratic function of yield spread," Finance Research Letters, Elsevier, vol. 54(C).
  32. Mertzanis, Charilaos, 2023. "Energy policy diversity and green bond issuance around the world," Energy Economics, Elsevier, vol. 128(C).
  33. Wang, Xiufeng & Jiang, Yiyun & Gu, Manyi, 2024. "Exploring the interplay: Crude oil futures, economic shocks, and China's resources," Resources Policy, Elsevier, vol. 91(C).
  34. Baldi, Francesco & Pandimiglio, Alessandro, 2022. "The role of ESG scoring and greenwashing risk in explaining the yields of green bonds: A conceptual framework and an econometric analysis," Global Finance Journal, Elsevier, vol. 52(C).
  35. Jiawei Yang, 2023. "Disentangling the sources of bank inefficiency: a two-stage network multi-directional efficiency analysis approach," Annals of Operations Research, Springer, vol. 326(1), pages 369-410, July.
  36. Jiang, Kangqi & Chen, Zhongfei & Chen, Fanglin, 2022. "Green creates value: Evidence from China," Journal of Asian Economics, Elsevier, vol. 78(C).
  37. Xu, Danyang & Hu, Yang & Corbet, Shaen & Lang, Chunlin, 2024. "Return connectedness of green bonds and financial investment channels in China: Implications for hedging and regulation," Research in International Business and Finance, Elsevier, vol. 70(PA).
  38. Sheenan, Lisa & Schweers, Koen & Klein, Tony, 2024. "Interactions between sustainable bonds, renewable energy and other financial markets: A macroprudential perspective," Energy Economics, Elsevier, vol. 138(C).
  39. Zhang, Yongji & Lan, Minghui & Zhao, Yapu & Su, Zhi & Hao, Yu & Du, Heran, 2024. "Regional carbon emission pressure and corporate green innovation," Applied Energy, Elsevier, vol. 360(C).
  40. Zhen Sun & Jianfen Feng & Rongxi Zhou & Yue Yu & Yaojian Deng, 2022. "Can Labeled Green Bonds Reduce Financing Cost in China?," Sustainability, MDPI, vol. 14(20), pages 1-14, October.
  41. Tan, Jianhua & Tan, Zhidong & Chan, Kam C., 2021. "Does air pollution affect a firm's cash holdings?," Pacific-Basin Finance Journal, Elsevier, vol. 67(C).
  42. Jinyu Chen & Yan Yang & Ran Liu & Yuan Geng & Xiaohang Ren, 2023. "Green bond issuance and corporate ESG performance: the perspective of internal attention and external supervision," Palgrave Communications, Palgrave Macmillan, vol. 10(1), pages 1-12, December.
  43. Naeem, Muhammad Abubakr & Farid, Saqib & Ferrer, Román & Shahzad, Syed Jawad Hussain, 2021. "Comparative efficiency of green and conventional bonds pre- and during COVID-19: An asymmetric multifractal detrended fluctuation analysis," Energy Policy, Elsevier, vol. 153(C).
  44. Liu, Sufang & Li, Shengquan, 2024. "Corporate green bond issuance and high-quality corporate development," Finance Research Letters, Elsevier, vol. 61(C).
  45. Assem Urekeshova & Zhibek Rakhmetulina & Igor Dubina & Sergey Evgenievich Barykin & Angela Bahauovna Mottaeva & Shakizada Uteulievna Niyazbekova, 2023. "The Impact of Digital Finance on Clean Energy and Green Bonds through the Dynamics of Spillover," International Journal of Energy Economics and Policy, Econjournals, vol. 13(2), pages 441-452, March.
  46. Jiongye Jin & Jianing Zhang, 2023. "The Stock Performance of Green Bond Issuers During COVID-19 Pandemic: The Case of China," Asia-Pacific Financial Markets, Springer;Japanese Association of Financial Economics and Engineering, vol. 30(1), pages 211-230, March.
  47. David Gilchrist & Jing Yu & Rui Zhong, 2021. "The Limits of Green Finance: A Survey of Literature in the Context of Green Bonds and Green Loans," Sustainability, MDPI, vol. 13(2), pages 1-12, January.
  48. Tan, Xiujie & Dong, Hanmin & Liu, Yishuang & Su, Xin & Li, Zixian, 2022. "Green bonds and corporate performance: A potential way to achieve green recovery," Renewable Energy, Elsevier, vol. 200(C), pages 59-68.
  49. Abhilash & Sandeep S. Shenoy & Dasharathraj K. Shetty & Lumen Shawn Lobo & Subrahmanya Kumar N., 2023. "Green Bond as an Innovative Financial Instrument in the Indian Financial Market: Insights From Systematic Literature Review Approach," SAGE Open, , vol. 13(2), pages 21582440231, June.
  50. Yuan, Mingqing, 2024. "Beyond green bonds: Stock market reactions to ESG bond announcements and issuances in Japan," MPRA Paper 120943, University Library of Munich, Germany.
  51. Kung, Chih-Chun & Lan, Xiaolong & Yang, Yunxia & Kung, Shan-Shan & Chang, Meng-Shiuh, 2022. "Effects of green bonds on Taiwan's bioenergy development," Energy, Elsevier, vol. 238(PA).
  52. Zhang, Ran & Li, Yanru & Liu, Yingzhu, 2021. "Green bond issuance and corporate cost of capital," Pacific-Basin Finance Journal, Elsevier, vol. 69(C).
  53. Jianmu Ye & Efifania Dela, 2023. "The Effect of Green Investment and Green Financing on Sustainable Business Performance of Foreign Chemical Industries Operating in Indonesia: The Mediating Role of Corporate Social Responsibility," Sustainability, MDPI, vol. 15(14), pages 1-28, July.
  54. Lorena Carolina Bernabé Argandoña & Salvador Cruz Rambaud & Joaquín López Pascual, 2022. "The Impact of Sustainable Bond Issuances in the Economic Growth of the Latin American and Caribbean Countries," Sustainability, MDPI, vol. 14(8), pages 1-19, April.
  55. Yu, Zhiyang & Yu, Kaibin & Ye, Ying & Wang, Canghong, 2024. "Corporate financialization and the spread of issuing bonds," Finance Research Letters, Elsevier, vol. 59(C).
  56. Umar, Zaghum & Abrar, Afsheen & Hadhri, Sinda & Sokolova, Tatiana, 2023. "The connectedness of oil shocks, green bonds, sukuks and conventional bonds," Energy Economics, Elsevier, vol. 119(C).
  57. Sun, Huaping & Tariq, Gulzara & Youn, Ik Joong & Mansoor, Sofia, 2022. "Impacts of green energy finance on eco-friendly environments," Resources Policy, Elsevier, vol. 79(C).
  58. Jiasheng Yu & Maojun Zhang & Ruoyu Liu & Guodong Wang, 2023. "Dynamic Effects of Climate Policy Uncertainty on Green Bond Volatility: An Empirical Investigation Based on TVP-VAR Models," Sustainability, MDPI, vol. 15(2), pages 1-17, January.
  59. Zenno, Yoshihiro & Aruga, Kentaka, 2023. "Investing the factors affecting green bond investments in China: Cases for Beijing and Shenzhen," MPRA Paper 116203, University Library of Munich, Germany.
  60. Li, Quan & Zhang, Kai & Wang, Li, 2022. "Where's the green bond premium? Evidence from China," Finance Research Letters, Elsevier, vol. 48(C).
  61. Caramichael, John & Rapp, Andreas C., 2024. "The green corporate bond issuance premium," Journal of Banking & Finance, Elsevier, vol. 162(C).
  62. Xu, Xinkuo & Li, Jingsi, 2023. "Can green bonds reduce the carbon emissions of cities in China?," Economics Letters, Elsevier, vol. 226(C).
  63. Qin, Lu & Aziz, Ghazala & Hussan, Muhammad Wasim & Qadeer, Afifa & Sarwar, Suleman, 2024. "Empirical evidence of fintech and green environment: Using the green finance as a mediating variable," International Review of Economics & Finance, Elsevier, vol. 89(PA), pages 33-49.
  64. Yoshihiro Zenno & Kentaka Aruga, 2023. "Investigating Factors Affecting Institutional Investors’ Green Bond Investments: Cases for Beijing and Shenzhen," Sustainability, MDPI, vol. 15(6), pages 1-16, March.
  65. Xiao, Xunyong & Li, Aixi & Kchouri, Bilal & Shan, Shan, 2024. "Tracing the dynamic impact of energy transitions on equity market volatility in an era of financial turbulence," Energy Economics, Elsevier, vol. 133(C).
  66. Hammoudeh, Shawkat & Ajmi, Ahdi Noomen & Mokni, Khaled, 2020. "Relationship between green bonds and financial and environmental variables: A novel time-varying causality," Energy Economics, Elsevier, vol. 92(C).
  67. Jun Lian & Xuanshun Huang & Xia Wu, 2024. "How green bonds promote firms' green collaborative innovation?," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 31(3), pages 2109-2126, May.
  68. Ayman Abdalmajeed Alsmadi & Manaf Al-Okaily & Najed Alrawashdeh & Anwar Al-Gasaymeh & Amer Moh’d Al-hazimeh & Abdulrasheed Zakari, 2023. "A Bibliometric Analysis of Green Bonds and Sustainable Green Energy: Evidence from the Last Fifteen Years (2007–2022)," Sustainability, MDPI, vol. 15(7), pages 1-16, March.
  69. Hu, Xiaolu & Zhong, Angel & Cao, Youdan, 2022. "Greenium in the Chinese corporate bond market," Emerging Markets Review, Elsevier, vol. 53(C).
  70. Libin Feng & Zhengcheng Sun, 2023. "The Impact of Green Finance Pilot Policy on Carbon Intensity in Chinese Cities—Based on the Synthetic Control Method," Sustainability, MDPI, vol. 15(15), pages 1-21, July.
  71. Huacheng Rao & Dongxu Chen & Feichao Shen & Yangyang Shen, 2022. "Can Green Bonds Stimulate Green Innovation in Enterprises? Evidence from China," Sustainability, MDPI, vol. 14(23), pages 1-19, November.
  72. Gan, Xiao Dong & Zheng, Xiao Yu & Li, Cong Cong & Zhu, Gui Qin, 2024. "Green bond issuance and trade credit access: Evidence from Chinese bond market," Finance Research Letters, Elsevier, vol. 60(C).
  73. Su, Tong & Zhang, Zuopeng (Justin) & Lin, Boqiang, 2022. "Green bonds and conventional financial markets in China: A tale of three transmission modes," Energy Economics, Elsevier, vol. 113(C).
  74. Zhang, Dongyang & Mohsin, Muhammad & Taghizadeh-Hesary, Farhad, 2022. "Does green finance counteract the climate change mitigation: Asymmetric effect of renewable energy investment and R&D," Energy Economics, Elsevier, vol. 113(C).
  75. Pei Xu & Penghao Ye & Atif Jahanger & Siwei Huang & Fan Zhao, 2023. "Can green credit policy reduce corporate carbon emission intensity: Evidence from China's listed firms," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 30(5), pages 2623-2638, September.
  76. Li, Yanxi & Yu, Conghui & Shi, Jinyan & Liu, Yuanyuan, 2023. "How does green bond issuance affect total factor productivity? Evidence from Chinese listed enterprises," Energy Economics, Elsevier, vol. 123(C).
  77. Wang, Congcong & Wang, Chong & Long, Huaigang & Zaremba, Adam & Zhou, Wenyu, 2024. "Green bond credit spreads and bank loans in China," International Review of Financial Analysis, Elsevier, vol. 94(C).
  78. Billah, Mabruk & Elsayed, Ahmed H. & Hadhri, Sinda, 2023. "Asymmetric relationship between green bonds and Sukuk markets: The role of global risk factors," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 83(C).
  79. Yadav, Mikesh Prasad & Pandey, Asheesh & Taghizadeh-Hesary, Farhad & Arya, Vandana & Mishra, Nandita, 2023. "Volatility spillover of green bond with renewable energy and crypto market," Renewable Energy, Elsevier, vol. 212(C), pages 928-939.
  80. Su, Tong & Shi, Yuning & Lin, Boqiang, 2023. "Label or lever? The role of reputable underwriters in Chinese green bond financing," Finance Research Letters, Elsevier, vol. 53(C).
  81. Tang, Ying & Wang, Biliang & Pan, Ningning & Li, Zhiyong, 2023. "The impact of environmental information disclosure on the cost of green bond: Evidence from China," Energy Economics, Elsevier, vol. 126(C).
  82. Román Ferrer & Rafael Benítez & Vicente J. Bolós, 2021. "Interdependence between Green Financial Instruments and Major Conventional Assets: A Wavelet-Based Network Analysis," Mathematics, MDPI, vol. 9(8), pages 1-20, April.
  83. Haidong Li & Ziming Qian & Shanyong Wang & Jing Wang & Qian Wang, 2023. "Do green concerns promote corporate green innovation? Evidence from Chinese stock exchange interactive platforms," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 44(3), pages 1786-1801, April.
  84. Li, Xing & Zhou, Yanli & Zhu, Dixing & Ge, Xiangyu, 2024. "Research on effect of extreme climates penalties local government debt pricing: Evidence from urban investment bonds in China," The North American Journal of Economics and Finance, Elsevier, vol. 73(C).
  85. Anh Huu Nguyen & Thinh Gia Hoang & Duy Thanh Nguyen & Loan Quynh Thi Nguyen & Duong Thuy Doan, 2023. "The Development of Green Bond in Developing Countries: Insights from Southeast Asia Market Participants," The European Journal of Development Research, Palgrave Macmillan;European Association of Development Research and Training Institutes (EADI), vol. 35(1), pages 196-218, February.
  86. Valentina Cioli & Lorenzo Andrea Colonna & Alessandro Giannozzi & Oliviero Roggi, 2023. "Corporate Green Bond and Stock Price Reaction," International Journal of Business and Management, Canadian Center of Science and Education, vol. 16(4), pages 1-75, February.
  87. Bhutta, Umair Saeed & Tariq, Adeel & Farrukh, Muhammad & Raza, Ali & Iqbal, Muhammad Khalid, 2022. "Green bonds for sustainable development: Review of literature on development and impact of green bonds," Technological Forecasting and Social Change, Elsevier, vol. 175(C).
  88. Qiaoyan Sheng & Xuan Zheng & Nian Zhong, 2021. "Financing for sustainability: Empirical analysis of green bond premium and issuer heterogeneity," Natural Hazards: Journal of the International Society for the Prevention and Mitigation of Natural Hazards, Springer;International Society for the Prevention and Mitigation of Natural Hazards, vol. 107(3), pages 2641-2651, July.
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