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  • Μικρογραφία εικόνας
    Τεκμήριο
    Stock market reaction to green bonds
    (2025-09-30) Arvelaki, Kiriaki; Αρβελάκη, Κυριακή; Tsekrekos, Andrianos; Drakos, Konstantinos; Leledakis, George N.
    The green bond market is growing rapidly, providing an ever-increasing range of data to explore. Although during their initial period of appearance from 2007 to 2017, the study of their impact was limited. This thesis studies the reaction of the stock market to the announcements of green bond issuances for the period 2019 – 2023. A sample of 236 issues from 183 different issuers at an international level is utilized, with the majority of the issues coming from the United States of America for the sample. Using the event study methodology, abnormal returns and cumulative abnormal returns are studied, with the MSCI AII Country World Index as a reference index. Despite the small differences in results between the event study models, the findings conclude with a common point that the market attributes a negative value to the issuance of green bonds and by extension tothe sustainable practices they provide, while making green bonds credible financial instruments for achieving green goals. More specifically, the results are consistent with the international literature, and the negative reaction around the event windows, extending the results to a more recent, but unstable period given the impact of Covid – 19.