Investment performance of “environmentally-friendly” firms and their initial public offers and seasoned equity offers |
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| Institution: | 1. Department of Finance, The Hong Kong University of Science and Technology, Hong Kong;2. Discipline of Finance, The University of Sydney Business School, The University of Sydney, NSW 2006, Australia;1. Department of Accounting, Finance and Economics, Griffith Business School, Griffith University, Nathan 4111, Queensland, Australia;2. Department of Accounting and Finance, University of Strathclyde, Scotland G4 0LN, United Kingdom |
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| Abstract: | We employ a sample of 748 environmentally-friendly (or “green”) firms listed on U.S. stock exchanges to extend studies of the effects of socially responsible investment (SRI) on stock investment returns and the performance of initial public offerings (IPOs) and seasoned equity offerings (SEOs). Our empirical tests document positive and statistically significant excess returns for our environmentally-friendly firms and their IPOs and SEOs, in contrast to our control IPO and SEO samples which underperform. In summary, a “green” equity premium is evident in returns calculated from a variety of benchmarks. |
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| Keywords: | Environmentally-friendly firm performance IPOs SEOs Event study |
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