Greenness in the Eye of Bond Short Sellers

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dc.contributor.authorCao, Jie
dc.contributor.authorLi, Shuting
dc.contributor.authorZhan, Xintong
dc.contributor.authorZhang, Weiming (Elaine)
dc.contributor.authorZhou, Linyu
dc.contributor.funderCouncil of the Hong Kong Special Administrative Region
dc.contributor.funderPolyU Research Centre
dc.contributor.funderNational Natural Science Foundation of China
dc.contributor.funderMinisterio de Ciencia, Innovación y Universidades
dc.contributor.funderUnión Europea
dc.contributor.funderCentral University of Finance and Economics
dc.contributor.rorhttps://ror.org/02jjdwm75
dc.date.accessioned2026-06-03T09:24:29Z
dc.date.issued2026-05-15
dc.description.abstractThis paper examines how short sellers value “greenness” in trading corporate bonds. We document significantly higher shorting volumes for green bonds relative to conventional bonds issued by the same firm. We consider several potential explanations, including short-sale constraints and lending market frictions, sources for future price declines, and demand pressure from investors. None of the above could explain the higher shorting volumes for green bonds, leaving an intriguing puzzle.
dc.description.peerreviewedYes
dc.description.sponsorshipCao acknowledges the grants from the Research Grant Council of the Hong Kong Special Administrative Region, China (Project No. GRF 14501720, 14500621, 15500023, 15500224), and the support by PolyU Research Centre for Quantitative Finance (Project P0050344). Zhan acknowledges the grants from the National Natural Science Foundation of China (Grant No. 72271061 and 2022hwyq15). Zhang acknowledges a grant by Ministerio de Ciencia, Innovación y Universidades /Agencia Estatal de Investigación /10.13039/501100011033 / Fonds Européen De développement Régional, Unión Europea [Grant PID2023-152707NA-I00]. Zhou acknowledges the financial support of the Fundamental Research Funds for the Central Universities, and the Emerging Scholars of Central University of Finance and Economics (Project XMXZ2512).
dc.description.statusPublished
dc.formatapplication/pdf
dc.identifier.citationCao, J., Li, S., Zhan, X., Zhang, W., & Zhou, L. (2026). Greenness in the Eye of Bond Short Sellers. International Review of Finance, 26(2), e70077. https://doi.org/10.1111/irfi.70077
dc.identifier.doihttps://doi.org/10.1111/irfi.70077
dc.identifier.issn1369-412X
dc.identifier.officialurlhttps://onlinelibrary.wiley.com/doi/10.1111/irfi.70077
dc.identifier.urihttps://hdl.handle.net/20.500.14417/4389
dc.issue.number2
dc.journal.titleInternational Review of Finance
dc.language.isoeng
dc.page.finale70113
dc.page.initiale70077
dc.page.total36
dc.publisherWiley
dc.relation.departmentFinance
dc.relation.entityIE University
dc.relation.projectidGRF 14501720
dc.relation.projectidGRF 14500621
dc.relation.projectidGRF 15500023
dc.relation.projectidGRF 15500224
dc.relation.projectidP0050344
dc.relation.projectid72271061
dc.relation.projectid2022hwyq15
dc.relation.projectid10.13039/501100011033
dc.relation.projectidPID2023-152707NA-I00
dc.relation.projectidXMXZ2512
dc.relation.schoolIE Business School
dc.rightsAttribution-NonCommercial-NoDerivatives 4.0 International
dc.rights.accessRightsinfo:eu-repo/semantics/embargoedAccess
dc.rights.urihttp://creativecommons.org/licenses/by-nc-nd/4.0/
dc.subject.keywordsCorporate green bonds
dc.subject.keywordsshort sellers
dc.subject.keywordsshort-sale constraints
dc.subject.keywordsgreenwashing risks
dc.subject.odsODS 13 - Acción por el clima
dc.subject.unesco53 Ciencias Económicas::5311 Organización y dirección de empresas ::5311.02 Gestión financiera
dc.titleGreenness in the Eye of Bond Short Sellers
dc.typeinfo:eu-repo/semantics/article
dc.version.typeinfo:eu-repo/semantics/acceptedVersion
dc.volume.number26
dspace.entity.typePublication
relation.isAuthorOfPublication118ba7a2-fcd3-4d36-89cf-d908d3f35ff6
relation.isAuthorOfPublication.latestForDiscovery118ba7a2-fcd3-4d36-89cf-d908d3f35ff6

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