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Financial Innovation

Table 13 Economic consequence analysis: CAR significance test

From: Does the issuance of green bonds nudge environmental responsibility engagements? Evidence from the Chinese green bond market

Event window

(48)

(49)

(50)

(51)

t

CAR

T-test

P value

Std. Err

(0,1)

0.0084**

2.3325

0.0297

0.0036

(0,2)

0.0079**

2.3633

0.0278

0.0033

(0,3)

0.0102**

2.1034

0.0477

0.0049

(0,4)

0.0118*

2.0234

0.0559

0.0058

(0,5)

0.0120*

1.9283

0.0674

0.0062

(0,6)

0.0103

1.4635

0.1581

0.0071

  1. This table reports the average cumulative abnormal return (CAR) for different time windows around the announcement of green bond issues. The sample consists of N = 22 green bond issuance events
  2. *Denotes 10% significance level;  ** Denotes 5% significance level
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