Rethinking the Value and Emission Implications of Green Bonds

The authors thank Stefano Giglio, Mengxin Zhao, Ruoke Yang, Vlad Ivanov, Lyndon Orton, Sugata Ray, Julia Reynolds, Harvey Stein, Tirthankar Patnaik, Bhagwan Chowdhary, Prachi Densuke, and other participants of the U.S. SEC Spring Seminar Series 2023 and International Association for Quantitative Finance Seminar Series, Securities Exchange Board of India, National Stock Exchange of India, CAFRAL (research arm of Reserve Bank of India), Indian Institute of Management Bangalore, Indian Institute of Management Udaipur, Indian School of Business, and Yale Institute on Sustainable Finance Annual Symposium 2024. The authors also thank Peter Tufano for allowing us to present this paper at Harvard Business School’s global doctoral course on financial economics of climate and sustainability. All errors are the authors’ own.