Credit default swaps (CDSs) are an effective tool to trade credit risk, and they can improve the corporate information environment. We find that firms use more public debt and less bank debt when CDSs reference their debt start trading. The results are robust to the endogeneity of CDS trading....

The green bond market has been growing rapidly worldwide since its debut in 2007. We present the first empirical study on the announcement returns and real effects of green bond issuance by firms in 28 countries during 2007-2017. After compiling a comprehensive international green bond dataset,...

Green bonds are bonds with a defined use of proceeds towards mitigating and adapting to climate change and solving environmental problems. While its market has expanded rapidly in recent years and attracted great investment attention, whether investors can identify greenwashing behaviors remains...

The authors of this paper (Hameed, Helwege, Li and Packer) examine the liquidity of corporate bonds in emerging market economies (EMEs). Their main goal is to identify the most effective measures of corporate bond liquidity in EMEs. Six quantity-based (eg turnover) and six price-based (eg the...