Working Papers

Bancel, Franck and Glavas, Dejan and Karolyi, George Andrew, Do ESG Factors Influence Firm Valuation? Evidence from the Field (February 20, 2023). Available at SSRN: or

Published Work

GLAVAS, D., GROLLEAU, G. and MZOUGHI, N. (2023). Greening the Greenwashers – How to Push Greenwashers Towards  More Sustainable Trajectories. Journal of Cleaner Production, 382, pp. 135301. link:

GLAVAS, D. (2023). Determinants of Green Bond Issuance: Agency or Stakeholder Motives Matter? Forthcoming Bankers, Markets & Investors.

GLAVAS, D. and BANCEL, F. (2022). Does State Ownership Impact Green Bond Issuance? International Evidence. Finance. link:

BANCEL, F. and GLAVAS, D. (2022). Ownership and Sustainability: The Type of Shareholder Matters. Forthcoming Bankers, Markets & Investors.

GLAVAS, D. (2022). Do green bond issuers suffer from financial constraints? Applied Economics Letters. GLAVAS, D. (2020). Green Regulation and Stock Price Reaction to Green Bond Issuance. Finance, 41(1), pp. 7. link:

BANCEL, F. and GLAVAS, D. (2019). Les obligations vertes : un outil au service du financement de la transition écologique. Annales des Mines - Réalités industrielles, 2019(4), pp. 83-86. link:

BANCEL, F. and GLAVAS, D. (2019). Why do firms issue green bonds? Bankers, Markets & Investors, 157. link:

Editorially-Reviewed Articles

GLAVAS, D. (2022). Comprendre la dépendance des États européens vis-à-vis du gaz russe. The Conversation March, pp. Environnement. link:

GLAVAS, D. (2021). Hausse du prix de l’électricité, cette situation va-t-elle durer ? The Conversation October, pp. Environnement. link: