Do investors benefit from investing in stocks of green bond issuers?
研究了全球绿色债券发行人股票组合的环境与财务表现，发现其碳排放减少且长期回报不低于非绿色组合。
We investigate the environmental and financial performance of portfolios comprising stocks from worldwide green bond issuers compared to matched non-green but otherwise similar portfolios. Portfolios formed by stocks of green bond issuing companies show superior environmental performance, notably reflected in reduced CO2 emissions over the medium to long term. Furthermore, these portfolios exhibit financial performance, as measured by the five-factor model of Fama and French (2015), at least comparable to their non-green counterparts, even outperforming them over a 12-month investment horizon. Overall, investing in stocks of green bond issuers seemingly offers competitive risk-adjusted returns.