Award-winning research co-authored by Prof. Jindal of IIM Bangalore, Sourav Prasad of IIM Bodh Gaya, and Prof. Arun Upadhyay of Florida International University 

22 June, 2026, Bengaluru: A recently published research study by Prof. Varun Jindal of the Finance and Accounting area at IIMB was recognized with the Best Research Paper Award (First Prize) in the ‘ESG, CSR, Banks, and other Finance’ category at the seventh edition of the Research Symposium on Finance and Economics (RSFE) 2026.

The paper, titled ‘Green Game in Town: Intra-Industry Spillover Effects of Corporate Green Bond Announcements in the US’, was co-authored by Prof. Jindal of IIMB, Sourav Prasad, doctoral student of IIM Bodh Gaya, and Prof. Arun Upadhyay of Florida International University (FIU).

The study explores how the stock market responds when companies announce plans to raise funds through green bonds, which are debt instruments used to finance environmentally sustainable projects. Analyzing green bond issuances by US firms between 2013 and 2023, the researchers found that these announcements affect not only the issuing company but also other firms operating in the same industry. Evidence of significant intra-industry information spillovers was found. Specifically, positive (negative) stock market reactions to a firm's green bond announcement were associated with positive (negative) stock price movements among its industry rivals.

The paper's findings remained robust across multiple alternative explanations and extensive validation tests, reinforcing the evidence for contagion and spillover effects arising from corporate green financing decisions.