Hong Kong introduced the Closing Auction Session (CAS) to the HKEX securities market in 2016. Under the CAS, trading is extended by an extra 8-10 minutes after the daily trading session ends at 16:00 to determine the closing price for the day. Trading under the CAS is in the form of a single...

With the growth of green bonds as an asset class, the certification of the climate footprint of projects financed via those bonds is becoming more sophisticated. We investigate the pricing of the bonds with the highest climate impact rating, namely the “dark-green” bonds. We find that on...

We analyse the risk and return relationship of firms sorted by environmental and social (ES) ratings. We document that ES ratings do not have a statistically significant relationship with either average stock returns or unconditional market risk measures. Firms with high ES ratings have...