All Eyes on Green Bonds: Investor Attention and Green Bonds
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Investor attention, both retail and institutional, directly influences stock market reactions to green bond announcements, which were positive pre-pandemic but negative during COVID-19, especially for self-labelled bonds.
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Abstract
We investigate the influence of investor attention on international stock market reactions around announcements of green bond issuances. We corroborate previous findings documenting positive cumulative abnormal returns (CARs) around announcements; however, during the COVID-19 pandemic we find negative CARs. These negative reactions are greater for self-labelled green bonds, a type of green bond likely to be subject to greenwashing risks. Using the Abnormal Search Volume Index (ASVI) and the Abnormal Institutional Attention (AIA) as proxies for retail investor and institutional investor attention, respectively, we also document a direct influence of both retail and institutional investor attention on the CARs.
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- europepmc
- last seen: 2026-05-19T01:45:01.086888+00:00
- unpaywall
- last seen: 2026-08-03T06:41:53.707437+00:00