Using a large sample of 44 countries for 2007‒2020, we provide evidence that green finance (green bonds) significantly fosters renewable energy production. Our results are robust to addressing cross-sectional dependence concerns, allowing structural breaks, and using several alternative...

A growing body of literature finds that firm-level carbon emissions are associated with a number of adverse outcomes such as higher firm risk, lower firm value, higher option premiums to cover downside tail risk, and declines in future profitability. Given these adverse effects, this paper...

This study shows how stock market reacts to rating change announcements where confounding effects of information spillover from related markets are absent. Contrary to existing literature, we find that the stock market reacts positively to a rating upgrade and no response to downgrade. Our...