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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.
This thesis talks about the relation between investor sentiment, stock return and trading volume in the German stock market. Six Granger causality tests were performed in order to determine, whether one of the above mentioned factors is indicative of the others. The results imply that investor sentiment is indicative of both, stock return and trading volume in the specified time period. However, there is no further significant evidence for other relations among the variables. The results are mostly in line with the literature available on this topic and back up the importance of the concept of investor sentiment as investor sentiment delivers an attempt to explain why investors behave irrationally on the stock market. Hence, the factors influencing investor sentiment should be subject to further research in order to gain a broader understanding of the topic.