威尼斯欢乐娱人城v3676学术讲座——汪洋老师
发布者：殳妮 发布时间：2023-04-12 浏览次数：10
题目：Actions Speak Louder Than Words: The Valuation of Green Commitment in the Corporate Bond Market
时间：2023年4月14日（星期五）上午10:00-12:00
地点：财科馆EMBA教室
主讲人：汪洋，英国兰卡斯特大学助理教授
主讲人简介：汪洋博士现任英国兰卡斯特大学会计学助理教授。2019年博士毕业于英国伦敦政治经济学院（LSE）会计专业。研究方向为分析师预测，债券市场，ESG披露。研究成果Journal of Accounting Research (R&R) 。
报告内容摘要：We study the effects of corporate green bond issuance on the pricing and ownership of conventional bonds in the secondary bond market. Our evidence indicates that yield spreads of conventional bonds fall by around 8 basis points after green bonds are issued, and by considerably more when issuers have lower ESG ratings. The positive price reaction is not driven by green bond mispricing or by improvements in credit risk or liquidity. Rather it is consistent the conventional bond market valuing green commitment. This is confirmed by our evidence showing that socially responsible investors increase their conventional bond holdings after firms issue green bonds. Our analysis highlights the public debt market benefits available to firms prepared to commit to environmental sustainability through green bond issuance.
