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Sock price reaction on the day the corporate announces a green projectsLooks at the CAR: abnormal returns on the stock that day = AR- AR= The actual returns-expected returns (to calculate it it's the avg returns on the past ), tells us unanticipated reactions on that event- Cum of AR= CAR- Around an event window: [-5(five days prior),10] generates positive CAR, significant of 0.489, stock prices tend to increase.- It seems positive when announced positive green bondsA stock market positive reaction is only for the certified. Stock investors don't believe the money will be used for that purpose.1st time issuers have statistical significance and not seasonal issuers.Then look at the financial materiality: dans des secteurs douteux, companies that issue bonds, have a positive stock market returns than others.

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