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L'impact des émissions d'obligations vertes sur les marchés d'actions européens

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  • Jérémy Morvan

    (LEGO - Laboratoire d'Economie et de Gestion de l'Ouest - UBS - Université de Bretagne Sud - UBO EPE - Université de Brest - IMT - Institut Mines-Télécom [Paris] - IBSHS - Institut Brestois des Sciences de l'Homme et de la Société - UBO EPE - Université de Brest - UBL - Université Bretagne Loire - IMT Atlantique - IMT Atlantique - IMT - Institut Mines-Télécom [Paris], ICI - Laboratoire Information, Coordination, Incitations - UEB - Université européenne de Bretagne - European University of Brittany - UBO EPE - Université de Brest - Télécom Bretagne - IMT - Institut Mines-Télécom [Paris] - IBSHS - Institut Brestois des Sciences de l'Homme et de la Société - UBO EPE - Université de Brest)

Abstract

Les émissions d'obligations vertes se multiplient. Elles répondent à différents objectifs qui vont du financement de projets destinés à préparer la transition vers une économie bas carbone à la communication envers des parties prenantes plus ou moins sensibles à la question du dérèglement climatique et ses conséquences. Cette recherche est une étude d'évènement qui évalue l'impact des émissions d'obligations vertes par le secteur bancaire sur le marché des actions européennes. Plusieurs résultats sont mis en évidence. D'une part, plusieurs indices ne réagissent pas à l'émission d'obligations vertes, autant des indices conventionnels que des indices climatiques, pointant la diversité de la finance climatique, dans ses méthodes de sélection des titres et donc sa sensibilité à certaines informations de marché. D'autre part, les indices qui réagissent sont tous impactés à la baisse. En effet, la régression des résidus de l'étude de l'évènement par rapport à un ensemble de variables capturant les caractéristiques des indices et des émissions obligataires met en évidence une relation négative avec le taux d'intérêt des émissions. Ainsi, plus le taux est élevé, plus la réaction est négative.

Suggested Citation

  • Jérémy Morvan, 2024. "L'impact des émissions d'obligations vertes sur les marchés d'actions européens," Post-Print hal-05312297, HAL.
    • Handle: RePEc:hal:journl:hal-05312297
    Note: View the original document on HAL open archive server: https://hal.science/hal-05312297v1
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    References listed on IDEAS

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