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Please use this identifier to cite or link to this item: https://doi.org/10.21256/zhaw-30473
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dc.contributor.authorAffolter, Beat-
dc.contributor.authorCiarla, Elisa-
dc.contributor.authorMeyer, Julia-
dc.contributor.authorSugandhita, Sugandhita-
dc.date.accessioned2024-04-22T14:11:18Z-
dc.date.available2024-04-22T14:11:18Z-
dc.date.issued2024-05-22-
dc.identifier.issn1544-6123de_CH
dc.identifier.urihttps://digitalcollection.zhaw.ch/handle/11475/30473-
dc.description.abstractThis 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.de_CH
dc.language.isoende_CH
dc.publisherElsevierde_CH
dc.relation.ispartofFinance Research Lettersde_CH
dc.rightshttps://creativecommons.org/licenses/by/4.0/de_CH
dc.subjectSustainable financede_CH
dc.subjectSustainability-linked bondde_CH
dc.subjectClimate targetde_CH
dc.subjectEvent studyde_CH
dc.subject.ddc332.6: Investitionde_CH
dc.titleSignaling sustainability : differential reaction of the stock market following the announcement of sustainability-linked bondsde_CH
dc.typeBeitrag in wissenschaftlicher Zeitschriftde_CH
dcterms.typeTextde_CH
zhaw.departementSchool of Management and Lawde_CH
zhaw.organisationalunitInstitut für Financial Management (IFI)de_CH
dc.identifier.doi10.1016/j.frl.2024.105261de_CH
dc.identifier.doi10.21256/zhaw-30473-
zhaw.funding.euNode_CH
zhaw.issue105261de_CH
zhaw.originated.zhawYesde_CH
zhaw.publication.statuspublishedVersionde_CH
zhaw.volume63de_CH
zhaw.publication.reviewPeer review (Publikation)de_CH
zhaw.webfeedW: Spitzenpublikationde_CH
zhaw.author.additionalNode_CH
zhaw.display.portraitYesde_CH
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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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