Do shareholders benefit from green bonds?

Abstract

do shareholders benefit from green bonds? dragon yongjun tang yupu zhang faculty of business and economics university of hong kong pri academic network conference 2018 september 2018, san francisco dragon yongjun tang, yupu zhang (hku) do shareholders benefit from green bonds? september 2018, san francisco 1 / 18 green bond rapid growth dragon yongjun tang, yupu zhang (hku) do shareholders benefit from green bonds? september 2018, san francisco 3 / 18 green bond rapid growth dragon yongjun tang, yupu zhang (hku) do shareholders benefit from green bonds? september 2018, san francisco 3 / 18 agency problems: benabou and tirole (2010 economica); kruger (2016 jfe) market inefficiency: cao, titman, zhan and zhang (2018 wp) positive environmental externality third party verification better ex-post stock performances: hong and kacperczyk (2009 jfe); dimson, karakas and li (2015 rfs); edmans, li and zhang (2018 wp) better firm financial performances: flammer (2015 ms) corporate social responsibility (csr) will damage firm from: why study green bonds? can firms obtain additional benefits from green bond financing activity, which incentivize firms at a better position to conduct environmental friendly projects and improve social welfare in the broader context. can firms do well by doing good? corporate social responsibility (csr) will benefit firm from: lower cost of capital: goss and roberts (2011 jbf); chava (2014 ms) dragon yongjun tang, yupu zhang (hku) do shareholders benefit from green bonds? …

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