Green Bonds and Investor Sentiment - Analysing and Comparing Stock Price Reactions in Germany and Europe
- This Thesis analyses the difference in the impact of the issuance of a green bond on the stock prices of the issuing entity by country, using an event study approach of 135 green bonds, by comparing the actual daily returns of the event window with the expected returns calculated from the estimation window. With only a slight influence of the country found, further factors effecting the impact are considered. While we conclude that German issuers tend to see a stronger impact than most issuers from other European countries, factors such as the risk of greenwashing, time of issuance, industry, and firm fundamentals appear to skew this impact so that it is not possible to make a definitive statement about the impact of the country of origin on the effectiveness of green bond issuances at providing excess stock returns.
| Author: | Viktoria Frese |
|---|---|
| Advisor: | Uwe Hack |
| Document Type: | Bachelor Thesis |
| Language: | English |
| Year of Completion: | 2023 |
| Granting Institution: | Hochschule Furtwangen |
| Date of final exam: | 2023/12/15 |
| Release Date: | 2024/01/26 |
| Tag: | Green bonds; Impact factors; Investor sentiment |
| Page Number: | 31 |
| Degree Program: | IBM - International Business Management |
| Functional area: | Finance & Accounting |
| Licence (German): |  Urheberrechtlich geschützt |