Wu, Yuhui; Tian, Yanan - In: China journal of accounting research : CJAR 15 (2022) 2, pp. 1-23
Using a 2009-2019 sample of Chinese bond issuers, we examine the effect of carbon risk on bond financing costs …. Relative to low carbon risk issuers, high carbon risk issuers have substantially larger bond credit spreads, mainly because … their credit risk is greater and they invest the funds in non-green projects. This positive relationship is more pronounced …