Green Bonds and stock market reaction to their issuance: the Enel and Terna case study

Awareness of the effects that certain economic activities can have through their carbon dioxide emissions has only recently begun to spread such that, in recent years, the first international agreements about social and environmental issues have been drafted to face the problem. Starting from a broader analysis of climate change, the thesis will examine the topic of Green Bonds, i.e. an instrument issued to finance projects with specific environmental characteristics, and the market reaction to their issuance.