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ESG performance and bond return volatility

delete2025-06-13
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张泽华 封面图
张泽华 (Zehua Zhang)
R
Ran Zhao
L
Lu Zhu
T
Trevor W. Chamberlain
DOI:10.1016/j.jfs.2025.101434delete
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摘要

摘要

En 中文
本研究考察了环境、社会和治理(ESG)绩效对债券收益率波动率的影响。在控制了债券特征和公司基本面后,我们发现ESG绩效与债券收益率波动率之间存在稳健的正相关关系。实证结果表明,对债券收益率波动率的影响主要是由ESG优势而非担忧所驱动。研究结果对替代性衡量指标、样本期间和内生性控制具有稳健性。此外,对于具有机会主义管理者且信息环境较差的公司,ESG绩效的影响更为显著。
Keyword:
G10
G12
G30
G32
M14
Bond return volatility
Environmental
Social and governance performance

期刊

Journal of Financial Stability 封面图
Journal of Financial Stability
IF:
4.2
论文数:
1.2K
被引数:
4.5K

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