Do investors benefit from investing in stocks of green bond issuers?

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dc.contributor.authorBadía Fraile, Guillermo
dc.contributor.authorCortez, Maria Céu
dc.contributor.authorSilva, Florinda
dc.date.accessioned2025-03-06T12:07:27Z
dc.date.available2025-03-06T12:07:27Z
dc.date.issued2024-09
dc.date.updated2025-03-06T12:07:27Z
dc.description.abstractWe 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.en
dc.description.sponsorshipThis paper is financed by National Funds of the FCT – Portuguese Foundation for Science and Technology within the project UIDB/03182/2020 and by the Department of Education, Basque Government (Spain), grant/award PIBA_2023_0030en
dc.identifier.citationBadía, G., Cortez, M. C., & Silva, F. (2024). Do investors benefit from investing in stocks of green bond issuers? Economics Letters, 242. https://doi.org/10.1016/J.ECONLET.2024.111859
dc.identifier.doi10.1016/J.ECONLET.2024.111859
dc.identifier.issn0165-1765
dc.identifier.urihttp://hdl.handle.net/20.500.14454/2471
dc.language.isoeng
dc.publisherElsevier B.V.
dc.rights© 2024 The Author(s)
dc.subject.otherGreen bonds
dc.subject.otherGreen finance
dc.subject.otherGreen stock portfolios
dc.subject.otherPortfolio performance
dc.titleDo investors benefit from investing in stocks of green bond issuers?en
dc.typejournal article
dcterms.accessRightsopen access
oaire.citation.titleEconomics Letters
oaire.citation.volume242
oaire.licenseConditionhttps://creativecommons.org/licenses/by-nc/4.0/
oaire.versionVoR
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