主题：Green Labeling

主讲人：Hanyi (Livia) Yi，波士顿学院卡罗尔管理学院欧洲杯外围竞猜_欧洲杯盘口-投注|官网学助理教授

时间：6月7日（周三）上午10:00-11:30

地点：4-101教室

语言：英文

摘要：

We use a natural experiment in the U.S. municipal bond markets to study the financial and real effects of green bond labeling. Comparing bonds that finance similar projects but only some of which are (exogenously) labeled green, we find little evidence that a green bond label significantly affects bond yields, issuance amounts, or local governments' subsequent environmental performance. However, the green label increases ownership concentration,  particularly among ESG-focused funds. Moreover, issuing governments are more likely to make formal sustainability pledges subsequently, and issuers in Democratic states are more inclined to undertake the green label,  indicating that political incentives may drive labeling. Overall, our results suggest that green bonds are mainly used for signaling purposes and do not have a significant impact on tangible environmental outcomes.

主讲人介绍：

Hanyi (Livia) Yi is an Assistant Professor of Finance at Boston College's Carroll School of Management. Her research interests are in the areas of corporate finance, public finance, entrepreneurship, and urban economics. Professor Yi’s research has appeared in leading academic journals including the Journal of Financial Economics and the Journal of Public Economics. Her research has also been covered in popular media outlets such as The Economist, Forbes, and Business Insider. Professor Yi holds an undergraduate degree in finance and physics from the University of Notre Dame, and a Ph.D. in finance from Rice University.