Browsing by Author "Ragnevad, Alex"

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    Aktiemarknadens reaktion p˚a gr¨ona obligationer En kvantitativ studie av emissioner inom den svenska fastighetsbranschen
    (2025-08-06) Gustafsson, Gustaf; Persson, Sara; Ragnevad, Alex; University of Gothenburg/Department of Business Administration; Göteborgs universitet/Företagsekonomiska institutionen
    This study is a quantitative analysis examining the stock market reaction to green bond issuances within the Swedish real estate sector. The aim is to analyse how the issuer’s stock price is affected by this form of sustainable financing, as well as to identify firm-specific factors that may explain variation in the market’s response. The dataset consists of 217 green bond issuances by publicly listed Swedish real estate companies between 2013 and 2024. An event study is employed to calculate abnormal returns in connection with the issuance, complemented by a regression analysis and subgroup analyses to deepen the understanding of the results. The event study results show a slight negative stock price reaction at the time of issuance, with statistically significant outcomes at the 10 % level in three out of four event windows: [−10,−1], [−10, 10], and [20, 60]. The shortest window [0, 1], however, shows a weakly positive effect, also significant at the 10 % level. The regression analysis does not identify any individual variable with strong statistical significance, and the model explains only a small portion of the variation in cumulative abnormal return (CAR). The subgroup analysis indicates differences between types of firms, suggesting that the market does not respond uniformly to green bond issuance. In summary, the results indicate that green bond issuances within the Swedish real estate sector do not generate a distinct positive market reaction. Instead, a small negative effect is observed around the time of issuance, along with signs that the market response varies depending on firm-specific factors. Keywords: Green