Green Bonds: Reputational Bonding via Media Coverage

This paper is based on the author’s dissertation titled “The Green Bonding Hypothesis: How do Green Bonds Enhance the Credibility of Environmental Commitments?” The author greatly appreciates the guidance and support of the dissertation committee: Hans Christensen (chair), Marianne Bertrand, Christian Leuz, and Haresh Sapra. The author thanks Ranjani Krishnan (editor), an anonymous associate editor, two anonymous referees, Ray Ball, John Barrios, Philip Berger, Pingyang Gao, Joao Granja, Jody Grewal, Jeffrey Hales, Jonas Heese, Mikael Homanen, June Huang, Maria Khrakovsky, Lisa Liu, Miao Liu, Yao Lu, Mark Maffett, Michael Minnis, Charles McClure, Maximilian Muhn, Anya Nakhmurina, Valeri Nikolaev, Joseph Pacelli, Thomas Rauter, Delphine Samuels, George Serafeim, Abbie Smith, Gurpal Sran, Dragon Tang, Michael Toffel, Aneil Tripathy, Lauren Vollon, Anastasia Zakolyukina, and participants at the 2020 Deloitte Doctoral Consortium, Harvard University, London School of Economics, Rochester University, Singapore Management University, Texas A&M University, the National University of Singapore, the University of Chicago, the University of Colorado Boulder, the University of Hong Kong, Yale University, and the Researching Change Network seminar for helpful comments and insights, Xiaoyan Jiang and Ling Lin for outstanding research assistance, Martha Van Haitsma and Shirley Zhang for help with survey design, and the Climate Bonds Initiative for providing the green bonds data. All errors are my own.