团队

自2007年首次推出后，绿色债券的市场便于世界各地迅速发展起来。我们这项研究分析了于2007年至2017年期间，来自28个国家的上市公司所发行的绿色债券，是首个关于绿色债券的股票市场反应及实际效果的实验性研究。团队整合了一个全面的国际绿色债券资料库，发现公司发行绿色债券对其股价带来正面影响。可是，我们没有发现显著的绿色债券溢价，这显示公司发行绿色债券期间的正面股价回报并不完全由低融资成本推动。不过，我们发现机构的持股量，尤其是本地机构，将会在发行绿色债券后增加。发行绿色债券也改善股价的流动性。整体而言，我们的研究发现公司发行绿色债券会为股东带来好处。

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.