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https://doi.org/10.21256/zhaw-30473
Publikationstyp: | Beitrag in wissenschaftlicher Zeitschrift |
Art der Begutachtung: | Peer review (Publikation) |
Titel: | Signaling sustainability : differential reaction of the stock market following the announcement of sustainability-linked bonds |
Autor/-in: | Affolter, Beat Ciarla, Elisa Meyer, Julia Sugandhita, Sugandhita |
et. al: | No |
DOI: | 10.1016/j.frl.2024.105261 10.21256/zhaw-30473 |
Erschienen in: | Finance Research Letters |
Band(Heft): | 63 |
Heft: | 105261 |
Erscheinungsdatum: | 22-Mai-2024 |
Verlag / Hrsg. Institution: | Elsevier |
ISSN: | 1544-6123 |
Sprache: | Englisch |
Schlagwörter: | Sustainable finance; Sustainability-linked bond; Climate target; Event study |
Fachgebiet (DDC): | 332.6: Investition |
Zusammenfassung: | This paper explores the suitability of sustainability-linked bonds (SLBs) for signaling sustainability intentions by analyzing the market reaction following their announcement and issuance. We find no significant share price reaction for SLBs targeting greenhouse gas emission reduction objectives. The lack of significant market reaction also applies to SLB-independent emission-reduction announcements. In contrast, for other types of SLB goals, such as those linked to sustainability ratings, renewable energy, or energy efficiency, we observe a significant positive market reaction. We argue that climate transition activities of companies are already priced by the market, while other sustainability goals are positively received. |
URI: | https://digitalcollection.zhaw.ch/handle/11475/30473 |
Volltext Version: | Publizierte Version |
Lizenz (gemäss Verlagsvertrag): | CC BY 4.0: Namensnennung 4.0 International |
Departement: | School of Management and Law |
Organisationseinheit: | Institut für Financial Management (IFI) |
Enthalten in den Sammlungen: | Publikationen School of Management and Law |
Dateien zu dieser Ressource:
Datei | Beschreibung | Größe | Format | |
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2024_Affolter-etal_Signaling-sustainability-stock-market-reaction.pdf | 684.77 kB | Adobe PDF | Öffnen/Anzeigen |
Zur Langanzeige
Affolter, B., Ciarla, E., Meyer, J., & Sugandhita, S. (2024). Signaling sustainability : differential reaction of the stock market following the announcement of sustainability-linked bonds. Finance Research Letters, 63(105261). https://doi.org/10.1016/j.frl.2024.105261
Affolter, B. et al. (2024) ‘Signaling sustainability : differential reaction of the stock market following the announcement of sustainability-linked bonds’, Finance Research Letters, 63(105261). Available at: https://doi.org/10.1016/j.frl.2024.105261.
B. Affolter, E. Ciarla, J. Meyer, and S. Sugandhita, “Signaling sustainability : differential reaction of the stock market following the announcement of sustainability-linked bonds,” Finance Research Letters, vol. 63, no. 105261, May 2024, doi: 10.1016/j.frl.2024.105261.
AFFOLTER, Beat, Elisa CIARLA, Julia MEYER und Sugandhita SUGANDHITA, 2024. Signaling sustainability : differential reaction of the stock market following the announcement of sustainability-linked bonds. Finance Research Letters. 22 Mai 2024. Bd. 63, Nr. 105261. DOI 10.1016/j.frl.2024.105261
Affolter, Beat, Elisa Ciarla, Julia Meyer, and Sugandhita Sugandhita. 2024. “Signaling Sustainability : Differential Reaction of the Stock Market Following the Announcement of Sustainability-Linked Bonds.” Finance Research Letters 63 (105261). https://doi.org/10.1016/j.frl.2024.105261.
Affolter, Beat, et al. “Signaling Sustainability : Differential Reaction of the Stock Market Following the Announcement of Sustainability-Linked Bonds.” Finance Research Letters, vol. 63, no. 105261, May 2024, https://doi.org/10.1016/j.frl.2024.105261.
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