The stock market is an indicator of investor sentiment when it comes to new information or innovative firm-level products. Green bonds are both innovative and unique in terms of their higher information disclosures and understanding the impact of sustainable finance on investor outlook for a company’s stock. Using the comparative case of Mainland China and Hong Kong’s stock market, we examine whether green bond announcements from 2016 to 2019 can create significant investor reactions. By employing the event study methodology, we (...) confirm that both markets react in a positive way toward green bond announcements. This reinforces the reputational and financial benefits of green bonds. We find that issuers that are non-banks, environmentally friendly firms as well as those issuing non-general bonds, create a more positive reaction, whereas ownership aspects do not matter as much for investors. However, even among those issuers listed in both markets, certain institutional dynamics like strategic framing and source credibility tend to reinforce a firm’s institutional legitimacy and are seen as being more prominent for investor reaction. The policy implications of our study show that the stock market reaction among two connected economies, where previously varying institutional contexts have resulted in regional differences, are now equally supportive of sustainable financial markets like the green bond. As seen with the positive stock market sentiment, governments and listed issuers can now better align their policies and internal strategies, allowing the low-carbon transition to be a financially attractive opportunity for all investors. (shrink)

Contributed articles on mysticism in religion and science.

In explaining the reasons for sustained existence of tolerance in Indian philosophical mind and continuation of tolerant practices in socio-political life, Amartya Sen argues that tolerance is inherently a social enterprise, which may appear as contingent, but for all intents and purposes is persistent. Basing his thesis that is opposed to Cartesian dualism, which makes a distinction between mind and body, Sen submits that Indian system of universalizing perception finds a subtle form of connection between mind and body. He expands (...) the ancient core worldview, Vasundhara kutumbakam as a secular tolerant civil code,1which makes a connection between the transcendental and the pragmatic planes of consciousness, and reconstructs a thesis about tolerance around human consciousness, which is collectivized and anchored in an acknowledged public space in society that is joined together psychologically as well as philosophically. Tolerance as consciousness can be regarded a necessary condition for playing the role of intentionality as stipulated by classical philosophy. Aware of this ancient wisdom that accepts relativism as an impasse over some evaluative matter, Sen avoids the pitfalls of cultural relativism in tolerance by offering an argument that is based on the metaphysics of Advaita Vedanta and other religious and secular literature, and epitomizes an internationalizing virtue in tolerant traditions. I would examine some interconnected issues, such as the ethical “perimeter” of Sen’s philosophical observation of totalized value system and Indian tolerant attitudes in real life, etc., raising the broader question about the location of cultural identity in relation to supranational state organization. My chief argument is that Sen has been able to observe a connection between the Advaita Vedantic moral philosophy that informs that viewed from the Brahmanic perspective of absolute knowledge in unity, the apparent subject of duality is not the ultimate subject. My conclusion is that valuing of tolerance, individual liberty as well as civil rights is a particular contribution of Western thinking and philosophy; the Western advocates of these rights often provide ammunition to the non-Western critics of tolerance and human rights. (shrink)