Research seminar on Nov 29
The Research and Publications Office at IIM Bangalore will host a seminar by Dr Jitendra Aswani, from the Finance & Accounting area at MIT Sloan School of Management, on November 29, 2024, at 3 p.m. in Classroom P-21.
Dr Aswani will speak on ‘Rethinking the Value and Emission Implications of Green Bonds’.
An abstract of his paper reveals that his analysis of green bonds issued between 2013-2022 reveals a distinctive shareholder preference for such assets, particularly among financial institutions. In the secondary market, green bonds issued by financial firms’ trade at a 'greenium' of 8.2 basis points compared to matched samples, attributed potentially to financial firms’ efforts in channeling funds to sustainability linked loans. Past work documenting a positive stock price reaction to issuance of green bonds is isolated to financial firms and to specific issuers. Moreover, issuers of green bonds with higher emissions before the green bond issue report an insignificant reduction in such emissions post-issuance. His analysis of the sustainable lending practices of these gatekeepers reveals that the 'greenium' earned in the green bond market does not translate to the green loan market. Furthermore, borrowers' performance remains unchanged in the short term, indicating a lack of due diligence by the gatekeepers. This study underscores the complex relationship between financial markets and environmental stewardship.
Speaker Profile:
Dr. Jitendra Aswani is a researcher at MIT Sloan School of Management, with a background as a Corporate Governance Fellow (Post-Doctoral Fellow) at Harvard University. He holds a Ph.D. in Business Administration (Finance) from the Gabelli School of Business at Fordham University, an MSc in Economics from the Indira Gandhi Institute of Development Research (IGIDR), and an undergraduate degree in Chemical Engineering from the National Institute of Technology (NIT), Jaipur. He also has prior industry experience working with Indian Oil Corporation (IOCL).
His research focuses on corporate finance, debt markets, sustainable finance, and behavioral economics. He has presented his work at leading economics and finance conferences and seminars, including the SFS Cavalcade (North America), Western Finance Association (WFA), American Finance Association (AFA), SEC (U.S.), Harvard Climate Finance Workshop (HBS), MIT Sustainable Initiative Seminar Series, The Econometric Society Meetings (North America, Europe, and Asia), Financial Management Association (FMA), Securities and Exchange Board of India (SEBI), CAFRAL (RBI), Indian School of Business (ISB), and the Yale Initiative on Sustainable Finance (YISF) Annual Symposium, among others.
His research has been published in top-tier finance journals, such as the Review of Finance, and has been invited for dual submission through the SFS Cavalcade. Additionally, his work has been covered by prominent media and policy platforms, including ProMarket (Chicago Booth), Columbia Sky Law Blog, Oxford Business Law Blog, Forbes, Ideas for India, and has been cited in U.S. court cases and SEC policy on climate disclosure rules.
Research seminar on Nov 29
The Research and Publications Office at IIM Bangalore will host a seminar by Dr Jitendra Aswani, from the Finance & Accounting area at MIT Sloan School of Management, on November 29, 2024, at 3 p.m. in Classroom P-21.
Dr Aswani will speak on ‘Rethinking the Value and Emission Implications of Green Bonds’.
An abstract of his paper reveals that his analysis of green bonds issued between 2013-2022 reveals a distinctive shareholder preference for such assets, particularly among financial institutions. In the secondary market, green bonds issued by financial firms’ trade at a 'greenium' of 8.2 basis points compared to matched samples, attributed potentially to financial firms’ efforts in channeling funds to sustainability linked loans. Past work documenting a positive stock price reaction to issuance of green bonds is isolated to financial firms and to specific issuers. Moreover, issuers of green bonds with higher emissions before the green bond issue report an insignificant reduction in such emissions post-issuance. His analysis of the sustainable lending practices of these gatekeepers reveals that the 'greenium' earned in the green bond market does not translate to the green loan market. Furthermore, borrowers' performance remains unchanged in the short term, indicating a lack of due diligence by the gatekeepers. This study underscores the complex relationship between financial markets and environmental stewardship.
Speaker Profile:
Dr. Jitendra Aswani is a researcher at MIT Sloan School of Management, with a background as a Corporate Governance Fellow (Post-Doctoral Fellow) at Harvard University. He holds a Ph.D. in Business Administration (Finance) from the Gabelli School of Business at Fordham University, an MSc in Economics from the Indira Gandhi Institute of Development Research (IGIDR), and an undergraduate degree in Chemical Engineering from the National Institute of Technology (NIT), Jaipur. He also has prior industry experience working with Indian Oil Corporation (IOCL).
His research focuses on corporate finance, debt markets, sustainable finance, and behavioral economics. He has presented his work at leading economics and finance conferences and seminars, including the SFS Cavalcade (North America), Western Finance Association (WFA), American Finance Association (AFA), SEC (U.S.), Harvard Climate Finance Workshop (HBS), MIT Sustainable Initiative Seminar Series, The Econometric Society Meetings (North America, Europe, and Asia), Financial Management Association (FMA), Securities and Exchange Board of India (SEBI), CAFRAL (RBI), Indian School of Business (ISB), and the Yale Initiative on Sustainable Finance (YISF) Annual Symposium, among others.
His research has been published in top-tier finance journals, such as the Review of Finance, and has been invited for dual submission through the SFS Cavalcade. Additionally, his work has been covered by prominent media and policy platforms, including ProMarket (Chicago Booth), Columbia Sky Law Blog, Oxford Business Law Blog, Forbes, Ideas for India, and has been cited in U.S. court cases and SEC policy on climate disclosure rules.