Rethinking the Value and Emission Implications of Green Bonds

• 成果类型: Article; Early Access
• 署名作者: Aswani, Jitendra; Rajgopal, Shivaram
• 署名单位: Massachusetts Institute of Technology (MIT); Columbia University
• 刊物名称: MANAGEMENT SCIENCE
• ISSN/ISSBN: 0025-1909
• DOI: 10.1287/mnsc.2023.00961
• 发表日期: 2025
• 关键词: Sustainable finance; climate change; Green bonds; Corporate sustainability; ESG

摘要

Our analysis of green bonds issued between 2013 and 2022 reveals a distinctive shareholder preference for such assets, particularly among financial institutions. In the secondary market, the green bonds issued by financial firms' trade at a greenium of 8.2 basis points compared with matched samples, which is attributed potentially to the financial firms' efforts in channeling funds to green loans. Past work documenting a positive stock price reaction to the issuance of green bonds is isolated to financial firms and to specific issuers. Issuers of green bonds with higher emissions before the green bond issue report an insignificant reduction in such emissions after issuance. Our analysis of the sustainable lending practices of these gatekeepers reveals that the greenium earned in the green bond market does not translate to the green loan market. Furthermore, the borrowers' performance remains unchanged in the short term, indicating a lack of due diligence by the gatekeepers. This study underscores the complex relationship between financial markets and environmental stewardship.