Green bonds and shareholder value : the announcement effect of corporate green bonds
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2021Copyright
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Tämän pro gradu -tutkielman tavoitteena on selvittää, onko yritysten pyrkimys hankkia pääomaa markkinoilta vihreiden joukkovelkakirjojen muodossa pohjimmiltaan omistaja-arvoa luovaa toimintaa. Arvonluontia on tutkittu mittaamalla liikkeeseenlaskijayrityksen osakkeen lyhyen aikavälin kumulatiivisia epänormaaleja tuottoja vihreän joukkovelkakirjalainan julkistamisen yhteydessä. Lyhyen aikavälin markkinareaktioita on tutkittu useammassa eri aikaikkunassa tapahtumatutkimukselle ominaisia menetelmiä hyödyntäen. Tutkimuksen aineisto koostuu 159 eurooppalaisen vihreän joukkovelkakirjalainan julkistuksesta vuosina 2013-2019. Kerätyn aineiston pohjalta pystyttiin osoittamaan tilastollisesti merkitseviä epänormaaleja tuottoja Green Bond -julkistuksen yhteydessä useammalla eri aikaikkunalla tarkasteltuna. Tulokset ovat pitkälti linjassa muiden vastaavien tutkimusten kanssa ja näin ollen antavat lisävahvistusta Green Bond -viitekehyksen tuottamasta lisäarvosta omistajan kannalta tarkasteltuna. Saadut tulokset yhdessä kerätyn kirjallisuuskatsauksen kanssa antavat lisää ymmärrystä vihreän joukkovelkakirjalainamarkkinan viime vuosien merkittävän kasvun taustalle. Tutkimuksessa on otettu myös kantaa valitun aihepiirin ja menetelmän eri haasteisiin ja rajoiteisiin liittyen.
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The aim of this master’s thesis is to find out, whether companies' efforts to raise capital in the form of Green bonds, are essentially shareholder value creating activities. Shareholder value creation has been studied by measuring the short-term market reactions on a share of an issuer around Green Bond announce-ments. Short-term stock reactions have been estimated by using cumulative ab-normal returns in several different time periods using methods specific to Event Study approach. The data sample consist of 159 European Green bond an-nouncements between the years of 2013-2019. With this sample I was able to demonstrate positive and statistically significant CARs around the Green bond announcements. The results are in line with previous studies that are conducted with similar approach. This study provides further confirmation that the Green bond label is beneficial to use as from the shareholder´s perspective. These re-sults along with the compiled theoretical framework, are providing more insight into the emerging of the Green bond market. I have also expressed my concern about the challenges and limitations that this approach and used method in-cludes.
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