XF-0231FHK-1 Green Bonds: Environmental Performance and Capital Market Response
Abstract
Green Bonds: Environmental Performance and Capital Market Response Avis Devine∗ York University Nils Kok† Maastricht University Halil Özgür‡ Concordia University Erkan Yönder§ Concordia University 8th February, 2024 Abstract Green bonds are growing in popularity, both as a financial tool and a path toward responsible investing. This brings a demand for measurement of both financial and environmental performance of these instruments. Yet analysis of the latter is largely missing, and that which exists is noisy, due to vague green bond commitments and difficulty in measuring outcomes in general corporations. We capitalize on the uniquely clean nature of REIT green building investments to measure the environmental performance of green bonds, and then analyze the response of capital markets to green bond issuance. Using highly rigorous modeling techniques, we find evidence that green bond issuance leads to enhanced environmental performance for a firm, within a two year horizon. We further find that capital markets appear to evaluate green bond issuers as lower risk investments, offering bond spread discounts to green bond issuers as well as increased access to equity. . Keywords: Capital Structure, Green Bonds, Commercial Real Estate, REITs, ESG, Green Building ∗Schulich School of Business, York University, 4700 Keele St, Toronto, ON M5E1Z5 Canada adevine@schulich.yorku.ca †Department of Finance, Maastricht University, PO Box 616, Maastricht, 6200 MD, the Netherlands. …
Source: pdf_first_chars
Verification
XFIDs are content-addressed: these SHA-256 fingerprints let anyone confirm a copy of this document is identical to what XFID retrieved on 4 May 2026 — independent of this registry.
The canonical-content hash survives re-downloads, URL moves, and byte-level re-encodes: the same disclosure text always resolves to this XFID.
Topics
Cites (32)
Works cited in this paper's bibliography that are themselves in the XFID registry.
- Assessing the environmental performance of green MBS (2024) Abstract
- Do carbon emissions affect the cost of capital? primary versus secondary corporate bond markets (2023) Abstract
- Impact of environmental investments on corporate financial performance: Decomposing valuation and cash flow effects (2023) Abstract
- Unpledged collateral, reit liquidity constraints, and asset sales (2023) Abstract
- Advancing energy efficiency through green bond policy: Multifamily green mortgage backed securities issuance (2022) Abstract
- Climate regulatory risk and corporate bonds (2022) Abstract
- Green bonds for sustainable development: Review of literature on development and impact of green bonds (2022) Abstract
- Beyond building certification: The impact of environmental interventions on commercial real estate operations (2021) Abstract
- Corporate Green Bonds (2021)
- Difference-in-differences with multiple time periods (2021)
- Green building, split-incentives and affordable rental housing policy (2021) Abstract
- Towards an environmentally sustainable rental housing sector (2021) Abstract
- Do shareholders benefit from green bonds? (2020) Abstract
- Financial Flexibility and Manager–Shareholder Conflict: Evidence from REITs (2020) Abstract
- Where's the greenium? (2020) Abstract
- Environmental performance and the cost of debt: Evidence from commercial mortgages and reit bonds (2019) Abstract
- On the value of environmental certification in the commercial real estate market (2019) Abstract
- The Effect of Pro-Environmental Preferences on Bond Prices: Evidence from Green Bonds (2019)
- Financing the Response to Climate Change: The Pricing and Ownership of U.S. Green Bonds (2018)
- Green buildings in commercial mortgage-backed securities: The effects of leed and energy star certification on default risk and loan terms (2018) Abstract
- Real assets, collateral and the limits of debt capacity (2018) Abstract
- Sustainable reits: Reit environmental performance and the cost of equity (2018) Abstract
- Does it pay to be green? (2017) Abstract
- Green certification and building performance: Implications for tangibles and intangibles (2015) Abstract
- Efficacy of leed-certification in reducing energy consumption and greenhouse gas emission for large new york city office buildings (2013) Abstract
- The economics of green building (2013) Abstract
- Portfolio greenness and the financial performance of reits (2012) Abstract
- Green noise or green value? measuring the effects of environmental certification on office values (2011) Abstract
- Doing well by doing good? green office buildings (2010) Abstract
- Greening Our Built World: Costs, Benefits, and Strategies (2010) Abstract
- Do leed-certified buildings save energy? yes, but . . . (2009)
- Corporate social responsibility: A theory of the firm perspective (2001) Abstract
People Cited in This Document
- Halil Özgür author Tilburg University
- Erkan Yönder author Concordia University
- Avis Devine author York University
- Nils Kok author Maastricht University
Version History
| Retrieved | Action | Size | |
|---|---|---|---|
| 04/05/2026 | INITIAL | 1420 KB | latest |
How to Cite This Record
Use the XFID in citations to create a stable, permanent reference that resolves to this registry entry regardless of the source URL.
Real Estate Research Institute (REI) (2024). Green Bonds: Environmental Performance and Capital Market Response. XFID: XF-0231FHK-1. Retrieved from https://xframework.id/XF0231FHK1
XF-0231FHK-1