Why Do Firms Issue Green Bonds?
研究发现企业发行绿色债券能带来正向股票异常收益，可能是因为管理者借此信号传递气候友好型项目的盈利能力，且绿色债券与碳定价是互补而非替代关系。
Corporate green bond announcements generate positive abnormal stock returns. We suggest this might be because managers use green bonds to signal the profitability of the climate-friendly projects they finance. First, we build a signaling model of green bond issuance. It predicts that firms’ incentives to decarbonize are amplified by the interest of their managers in their stock price. Second, we provide supporting empirical evidence, using cross-country variations in effective carbon prices, and cross-industry differences in the stock-price sensitivity of managers’ compensation. Our results suggest that green bonds are not substitutes for but rather complements to carbon pricing.