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Journal of Economics and Finance
Published in:

06-11-2020

Impact of green bond policies on insurers: evidence from the European equity market

Authors: Petr Jakubik, Sibel Uguz

Published in: Journal of Economics and Finance | Issue 2/2021

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Abstract

This article empirically investigates whether the introduction of green bond policies by European insurance companies has a positive impact on their equity prices. To this end, we employ a sample of listed (re)insurers in Europe using monthly data for the 2012–2019 period. We use announcements, press releases and semi-annual or annual reports to determine when the insurance companies committed to a green investment, to the issuance of green bonds or to launching a green fund. Our empirical analysis did not confirm the positive effect of green policies. However, when investigating different types of green policies, our results suggest that market investors positively price the issuance of green bonds and launching green funds.
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Footnotes
1
United Nations Sustainable Development Goals (SDGs) and the Paris Climate Agreement (2015)
 
2
Matched bond pairs are restricted to US dollar- and euro-denominated green bonds.
 
3
Please note that only 11 dummy variables need to be added to capture monthly seasonality.
 
Literature
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Metadata
Title
Impact of green bond policies on insurers: evidence from the European equity market
Authors
Petr Jakubik
Sibel Uguz
Publication date
06-11-2020
Publisher
Springer US
Published in
Journal of Economics and Finance / Issue 2/2021
Print ISSN: 1055-0925
Electronic ISSN: 1938-9744
DOI
https://doi.org/10.1007/s12197-020-09534-4

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