團隊

自2007年首次推出後，綠色債券的市場便於世界各地迅速發展起來。我們這項研究分析了於2007年至2017年期間，來自28個國家的上市公司所發行的綠色債券，是首個關於綠色債券的股票市场反应及實際效果的實驗性研究。團隊整合了一個全面的國際綠色債券資料庫，發現公司發行綠色債券對其股價帶來正面影響。可是，我们沒有發現顯著的綠色債券溢價，這显示公司發行綠色債券期間的正面股價回報並不完全由低融资成本推动。不过，我們發現機構的持股量，尤其是本地機構，將會在發行綠色債券後增加。發行綠色債券也改善股價的流動性。整體而言，我們的研究發現公司發行綠色債券會為股東帶來好處。

The rise of credit default swaps (CDS) provides creditors with a market-based approach to obtaining protection, but it can also affect lenders' monitoring of the borrowers. We find that after CDS begin trading on a given firm, new loans to that firm are less likely to require collateral and have less strict financial covenants, even controlling for endogeneity. The effects are stronger when lenders have easier access to CDS, for safer firms, credit lines, and performance-based covenants. Our evidence is consistent with the theory that the introduction of CDS trading makes loan contracting more effective for better quality borrowers.

Demand for green bonds has grown in leaps and bounds since the market was launched in 2007. Beyond the important environmental projects they fund, they also bring benefits to shareholders.