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Using breadth of corporate bond fund ownership to proxy for the combination of short-sale constraints and divergence of opinions in the corporate bond market, this paper investigates whether and to what extent Miller's overpricing theory holds for corporate bonds. Consistent with the theory, we document a significant and positive relation between changes in breadth and the cross-section of future corporate bond returns. Because of the bounded upside of debt, the ability of changes in breadth to predict returns appears to be less pronounced for corporate bonds relative to stocks. Furthermore, this predictability is stronger among bonds with higher credit risk, indicating that the effect of short-sale constraints and divergence of opinions on bond mispricing tends to be larger for riskier bonds with more upside potential and, thus, more scope for overvaluation. This paper was accepted by Lukas Schmid, finance. Supplemental Material: The internet appendix and data are available at https://doi.org/10.1287/mnsc.2023.4950. [ABSTRACT FROM AUTHOR]

Banks are the engine of providing financial resources in the economy and have special importance for governments. Accordingly, presenting the factors and components affecting financing restrictions and changes in the corporate debt bonds yield, risk management, as well as changes in their stock prices, in terms of bank management and from a macroeconomic perspective, can be considered as the leader of the economy and government. On the other hand, the proper management of banking challenges and the improvement of factors affecting the efficiency and effectiveness of banking resources can move the economic cycle in the right direction, considering that the banks’ primary activity is to grant loans and provide them to applicants. Accordingly, the researcher addressed the effect of the ability to manage political relations and financial crises on performance improvement. Therefore, a combination of Data Envelopment Analysis (DEA) and Two-Stage least squares (2SLS) regression analysis was used. This study is descriptive research with the correlational and post-event approach. In this way, the information about 11 banks in a period of 9 years (2014- 2023) was analyzed. The results showed that the improvement of ability level and proficiency in bank management will lead to the improvement of financing constraints, changes in corporate bond yield, and the growth rate of stock and non-shared incomes. The management authority not only affects credit risks, credit risk management and liquidity risk but also does not affect the stock price drop. [ABSTRACT FROM AUTHOR]

Featured Application: This research has important applications in areas such as smart furniture and human-computer interaction. It will bring people a more efficient and comfortable living experience as well as a new smart experience.  Human action recognition has many application prospects in human-computer interactions, innovative furniture, healthcare, and other fields. The traditional human motion recognition methods have limitations in privacy protection, complex environments, and multi-person scenarios. Millimeter-wave radar has attracted attention due to its ultra-high resolution and all-weather operation. Many existing studies have discussed the application of millimeter-wave radar in single-person scenarios, but only some have addressed the problem of action recognition in multi-person scenarios. This paper uses a commercial millimeter-wave radar device for human action recognition in multi-person scenarios. In order to solve the problems of severe interference and complex target segmentation in multiplayer scenarios, we propose a filtering method based on millimeter-wave inter-frame differences to filter the collected human point cloud data. We then use the DBSCAN algorithm and the Hungarian algorithm to segment the target, and finally input the data into a neural network for classification. The classification accuracy of the system proposed in this paper reaches 92.2% in multi-person scenarios through experimental tests with the five actions we set. [ABSTRACT FROM AUTHOR]

Bakong (Hanguana malayana (Jack) Merr.) is a perennial herbaceous plant that grows abundantly in certain parts of the Philippines. This study investigates Bakong fibers' potential as a pulp source for papermaking. Furthermore, microfibrillated cellulose (MFC) produced from the fibers was used as an additive in the Bakong fiber-based hand sheets at 2%, 6%, and 10% w/w, and their effects on their strength properties were observed. The soda pulping method produced Bakong pulp with a total yield of 47.36%. Proximate chemical analysis showed that the method reduced the lignin content from 13.19% to 8.76%, and the resulting pulp was successfully formed into paper hand sheets. The strength properties of the hand sheets were tested, and the resulting burst index, tear index, tensile index, and folding endurance values were 5.98 kPa/m2·g, 6.41 mN·m2/g, 105.97 N·m/g, and 626 double folds, respectively. Aside from the tear index, the Bakong hand sheets' strength properties were much higher than that of locally produced commercial printing paper. The addition of MFC on the hand sheets negatively affected the burst and tensile index values of the Bakong hand sheets but significantly improved the tear index up to 6% w/w. These results show that the pulp produced from the Bakong fibers can potentially be used as an alternative source of pulp for papermaking, but further optimization of the pulping process is recommended to increase the yield, lower lignin content, and improve compatibility with the MFC. [ABSTRACT FROM AUTHOR]

Reaching for yield, which we define as an investor preference for higher-yield bonds at a given rating or for higher-rated bonds at given yields, is associated with inflated valuation and thus negatively predicts risk-adjusted returns. Controlling for ratings, alphas are lower for higher-yield bonds, whereas, controlling for yields, alphas are lower for safer-looking, higher-rated bonds. Future bond returns are particularly low when current interest rates are low and demand from yield-reaching investors increases. These bonds experience more frequent downgrades and defaults, suggesting that they are riskier despite their high valuation. This paper was accepted by Victoria Ivashina, finance. Supplemental Material: The e-companion and data are available at https://doi.org/10.1287/mnsc.2023.4920. [ABSTRACT FROM AUTHOR]

The questions on long-term planning of an enterprise’ bonded loan interest rate payments have been studied. The methods have been considered and the classification of methods for planning the bonds interest rate proposed. Several groups of such planning methods have been singled out. The analysis of application of bond interest rate planning methods applied by enterprises of different national industries has been made. The analysis has been carried out in the spheres of mechanical engineering, generation, transmission and sales of electric power, ferrous metals production, transportation and logistics, foodstuffs production, and information transmission provision. Corporate bond issues issued between 2015 and 2020 have been analyzed. As a result, the three methods most frequently used by enterprises in planning bond interest rates have been identified: methods of considering the macroeconomic risk of an organization; methods of considering the combination of macroeconomic and individual risk of an organization; methods based on market analysis. The study of the mentioned methods allowed us to propose a method of planning the bond interest rate, which calculates the weighted average of the forecast bond interest rate. To assess the quality of the proposed method, it has been tested. The article concludes that it can be used at enterprises planning to issue their own bonded loans.

Little is known about how executive gender shapes the inherent conflict of interest between shareholders and bondholders. Using a sample of almost 100,000 unique bond‐year observations, this study investigates how the appointment of female chief executive officers (CEOs) lowers the default outlook. Our evidence indicates that bond yield and bond volatility are significantly lower after a female takes the helm at a firm. This executive gender effect remains highly statistically and economically significant across various robustness checks and after addressing endogeneity concerns. Female CEOs lower the default risk component of the bond yield but have no material impact on the liquidity component. Subsample analysis substantiates the conditional effect of female CEOs on bond yield and bond volatility. Our evidence indicates that female CEOs' risk‐averse attributes pass through the credit risk and information asymmetry channels. [ABSTRACT FROM AUTHOR]

The high costs of disclosing confidential information lead firms with proprietary information to prefer private debt (bank loan) to public debt (corporate bond). We provide empirical evidence supporting this proposition using the staggered adoption of the inevitable disclosure doctrine (IDD) by US state courts that exogenously increased the value of proprietary information. The focal firms are significantly less likely to issue bonds after the IDD adoption. Financing through public debt decreases more for firms in which the protection of proprietary information is relatively more important. [ABSTRACT FROM AUTHOR]

This study investigates the determinants of trading activity in the U.S. corporate bond market, focusing on the effects of Seasonal Affective Disorder (SAD) and macroeconomic announcements. Employing the General-to-Specific (Gets) Autometrics methodology, we identify distinct behavioral responses between retail and institutional investors to SAD, noting a significant impact on retail trading volumes but not on institutional trading or bond returns. This discovery extends the understanding of behavioral finance within the context of bond markets, diverging from established findings in equity and Treasury markets. Additionally, our analysis delineates the influence of macroeconomic announcements on trading activities, offering new insights into the market's reaction to economic news. This study's findings contribute to the broader literature on market microstructure and behavioral finance, providing empirical evidence on the interplay between psychological factors and macroeconomic information flow within corporate bond markets. By addressing these specific aspects with rigorous econometric techniques, our research enhances the comprehension of trading dynamics in less transparent markets, offering valuable perspectives for academics, investors, risk managers, and policymakers. [ABSTRACT FROM AUTHOR]

This study examines the performance of worldwide corporate sustainability bonds issued from 2014 to 2020. Unlike traditional bonds, the proceeds of sustainability bonds are utilised for financing projects to bring about environmental and socio‐economic benefits. We analyse the short‐term market reaction to announcements of sustainability and traditional bond issuance and document that the stock market reaction to an announcement of sustainability bonds is stronger than that for traditional bonds. We also find that multiple issuers of sustainability bonds achieve a more favourable market reaction than single issuers. Finally, we examine if environmental, social and governance (ESG) scores can positively and significantly impact the corporate performance of firms through the lens of sustainability bond issuances. We find that ESG scores are the primary performance drivers for firms, and the effect is more pronounced for firms that issue sustainability bonds. Overall, the results suggest that issuers of sustainability bonds show their commitment towards environmental and societal goals and thus benefit from favourable stock market reactions. [ABSTRACT FROM AUTHOR]

We investigate the financing and performance of international entrepreneurship in an environment that was characterized by severe information problems and very weak investor protection. Despite these problems, new ventures could raise large amounts of equity and debt on the Belgian capital market between 1890 and 1914. Many of these firms were international new ventures (INVs) with their main operations abroad, often far away from Belgium. We find that INVs raised much more capital but were less likely to pay a dividend than domestic new ventures (DNVs). They were less likely to issue a bond and had a higher cost of debt when operating further away from Belgium. Performance after listing was generally bad for new ventures throughout the period, but it was much worse for INVs than for DNVs. Our findings confirm contemporary arguments that unprotected, financially illiterate investors were expropriated by INV founders. [ABSTRACT FROM AUTHOR]

Proponents of quantitative easing (QE) unconventional policy have rather overstated some evidence that structural time series models do not predict long‐term asset prices and yields as well as naive random walk forecasts, implying that predictions of price reversals cannot be profitable and, therefore, that QE effects are not transitory. Indeed, in this work we present evidence that naive models do not outperform structural vector autoregressive and Markov switching models in out‐of‐sample forecasting of corporate bond yields purchased by the European Central Bank, when the information set includes base money growth. It turns out that structural time series models provide additional information regarding the likelihood of price reversals, thus motivating investors to offset the effects of QE interventions if they perceive unconventional monetary policy regimes as temporary. [ABSTRACT FROM AUTHOR]

Financial market is expected to play an important role in transition towards more sustainable setup of the business environment. The European Commission published the EU’s Strategy for Financing the Transition to a Sustainable Economy in 2021, requiring the inclusion of environmental, social and governance considerations into investment decision making. Yet, small, open EU economies, such as Slovakia, are in a specific position when implementing this legal framework. For instance, Slovakia does not have any meaningful stock market to speak of, although its bond and collective investment markets perform better. To assess the adoption of sustainable finance elements and to assess the convergence on the Slovak bond market towards standard practice, we investigated current practices on the corporate bond market of nonfinancial corporations. We conducted our research through a review of corporate bonds prospectuses published during 2020-22, in which, to assess current market practices, we examined and evaluated selected criteria and indicators related to issuers and bonds and compared them. These criteria include for example issuer´s business and purpose of finance, form, yield, security, or transferability of bonds. We find that relevant variable criteria and indicators related to reviewed bonds, compared in our research, are similar, indicating that the market converged into a standard practice. Finally, we find almost no evidence of adoption of the sustainable finance elements although there are hints of market uptake of sustainable practices.

In this paper, we presented an asymptotic relationship between the single threshold model and the model with different upgrade and downgrade thresholds for credit migration problems with fixed boundaries. By partial differential equation (PDE) techniques, we proved that the solution of the asymmetric threshold problem converges to that of a single threshold problem uniformly as one of the asymmetric thresholds approaches the other. [ABSTRACT FROM AUTHOR]

Featured Application: Papermaking and printing industry, usability, i.e., legibility of printed text. Invasive alien plant species (IAPS) may cause threats to native biodiversity in ecosystems. Researchers have been investigating all the possible ways that they can be used effectively for other purposes. Since IAPS are capable of forming cellulose fibre nets, in this research, papers were made from three different types of IAPS (Japanese knotweed, giant goldenrod, and black locust). This research examined these IAPS papers and their effectiveness when used as printing substrates. In comparison to commercial office paper, the differences in basic, surface, optical, and microscopic properties were measured. As a widely used technology, inkjet printing was applied. We tested a commonly used sans-serif typeface (which has been established as being more legible than other typefaces in previous research) in three different type sizes (i.e., 8, 10, and 12 pt). According to the results, paper made from IAPS could offer some usable properties and acceptable legibility, especially when printing typefaces with specific attributes, such as moderate counter size, higher x-height, and minimal differences in the letter stroke width, are used. An appropriate typographic tonal density should be achieved in combination with an adequate letter size, e.g., 10 pt type size when a sans-serif typeface is used. [ABSTRACT FROM AUTHOR]

In this paper, we propose an extended credit migration model with asymmetric fixed boundaries and multiple ratings, for a more precise depiction of credit changes in the real world. A model with three ratings is established and analyzed as an example, and then the results are generalized to a general multirating form model. We prepare the model meaningfully by arranging the asymmetric boundaries in a suitable order. A PDE system problem is deduced, and the existence and uniqueness of the solution for the problem are obtained using PDE techniques, which further ensure the rationality of the model. Due to the flexible configuration of asymmetric boundaries, the multirating model has various types of structures in the buffer zones where the credit rating keeps its original state. For instance, the two buffers in the three-rating model may be separated, connected, or intersected, as presented in the numerical results for different boundary parameters. [ABSTRACT FROM AUTHOR]

The convention when calculating corporate bond trading costs is to estimate bid–ask spreads that customers pay, implicitly assuming that dealers always provide liquidity to customers. We show that, contrary to this assumption, customers increasingly provide liquidity following the adoption of post-2008 banking regulations, and thus, conventional bid–ask spread measures underestimate the cost of dealers' liquidity provision. Among large trades wherein dealers use inventory capacity, customers pay 40%–60% wider spreads than before the crisis. Customers' balance-sheet capacity and their trading relationships with dealers are important determinants of customer liquidity provision. This paper was accepted by Bruno Biais, finance. Supplemental Material: The internet appendix and data are available at https://doi.org/10.1287/mnsc.2022.4646. [ABSTRACT FROM AUTHOR]

This paper explores the informational role of the Loan Only Credit Default Index (LCDX) on the pricing of syndicated loans. Despite an extensive body of research on credit indices and loan pricing, limited studies have comprehensively assessed the complex relationship between the LCDX and individual loan spreads. Contrary to indices like the CDX, which are largely linked to corporate bonds, the LCDX directly pertains to the syndicated secured loan market, offering valuable insights about the overall credit default market and the cost of credit risk insurance. Preliminary results reveal a pronounced positive correlation between the LCDX spread and the syndicated loan spread, particularly noticeable amongst borrowers with lower credit quality. The paper highlights the LCDX's pivotal role in conveying secondary credit market information, with critical implications for credit risk management and financial regulations. [ABSTRACT FROM AUTHOR]

Interest rates have risen rapidly in many advanced economies over the last two years, leading to a monetary squeeze. The impact of this squeeze varies across countries due to factors such as private debt levels, the distribution of debt, and the average maturity of fixed rate debt. The UK, Italy, and Germany are expected to be the hardest hit economies, while Korea and Japan will be the least affected. Other indicators of the monetary squeeze include money and credit growth, changes in bank credit standards, quantitative tightening, and property price changes. Overall, the findings suggest downside risks to growth in Italy, Spain, and Australia, while supporting positive GDP forecasts for Korea and Japan. [Extracted from the article]

ABSTRACT: This study investigates the relation between the corporate bond market and the main debt financing alternatives available to firms in Brazil from 2004 to 2014. In this period, three main sources of debt financing were available: loans from commercial banks, loans from the National Development Bank, and the issuance of international bonds. We analyze the characteristics of each alternative, as well as their advantages and disadvantages in relation to corporate bond issuance, considering three main aspects: i) total cost, which includes the interest rate, taxes and fixed costs; ii) maturity; and iii) contracting speed. The results corroborate the initial hypothesis that, although the alternative debt sources competed with corporate bonds, there was also a complementary relation among them.

The present study aimed to investigate an alternative evaporative cooling pad material made from mangosteen peel (MP) waste. Mangosteen peels were used to fill a 150 mm thick mesh container with a packing density of 180 kg/m3. A wind tunnel was constructed and utilized to experimentally evaluate the cooling performance of this organic-waste-based pad under hot and humid conditions (31–34 °C and 55–70% RH). The performance parameters assessed included pressure drop, temperature drop, saturation effectiveness, cooling capacity, and coefficient of performance (COP). The influence of air velocity (0.7, 1.0, 1.4, and 1.8 m/s) on these parameters was also examined. The results revealed that the saturation effectiveness of the MP pad ranged from 53% to 77% within the considered air velocity range. The maximum temperature drop (4.6 °C), saturation effectiveness (77%), cooling capacity (0.6 kW), and COP (3.5) were achieved when the system operated at 1.4 m/s. A comparative study showed that, at this velocity, the MP pad provided performance nearly equivalent to that of the commercial cellulose paper pad, except for the pressure drop. This result affirms the potential of mangosteen peels as a suitable wet medium for evaporative cooling applications. [ABSTRACT FROM AUTHOR]

This paper selects the data of corporate bond from 2005 to 2019, then divides them into long term bond and short term bond according to maturity of bond. Climate risk is found have significant impact on long term bond yield. Climate risk has no significant impact on short term bond yield. Callability has significant effect on both long term and short term bond yield, while callability has large effect on short term bond and relatively small effect on long term bond. The resale has significant effect on both long term and short term bond yield. The significant effect of the resale on short term bond yield explains large part of the short term bond yield. Issuance has significant impact on both long term and short term bond, with larger impact on short term bond yield. Maturity has significant effect on the yield of both long term and short term bond, and the effect is larger for short term bond. Bearish sentiment is negatively and significantly related to long term bond yield, but has no significant effect on short term bond yield. Credit ratings have large impact on long term bond yield and explain large part of this. However, credit ratings have no significant effect on short term bond yield. [ABSTRACT FROM AUTHOR]

We explore whether life insurers use a unique reinsurance arrangement to manage assets tied to their regulatory capital. Typical reinsurance allows insurers to reduce their regulatory capital by transferring liabilities (reserves), and the associated assets, to reinsurers. With modified coinsurance (ModCo), insurers maintain control of their liabilities and assets while transferring regulatory capital requirements to the reinsurer. Holding fixed an insurer's reported capital, we find that ModCo allows insurers to report higher risk‐based capital ratios. Insurers with ModCo are less likely to fire sale downgraded bonds. We also find suggestive evidence of regulatory arbitrage, as most ModCo is purchased from reinsurers in countries with low capital requirements or within the same insurance group. [ABSTRACT FROM AUTHOR]

An introduction to the special section of the journal on business and climate change is presented on areas including the performance implications of climate change's physical manifestations, understanding and managing climate risk, and optimizing operational systems.

This study uses disaggregated establishment-level data to identify a firm's exposure to physical climate risk and examines investors' reaction to natural disasters in both the U.S. corporate bond and stock markets. We find that, when a firm is exposed to disasters, investors overreact by depressing the current bond and stock prices, causing future returns to be higher. However, firms with a strong environmental profile experience lower selling pressure on their bonds and stocks, although their fundamentals weakened following disasters. The evidence suggests that corporate investment in improving environmental profiles pays off when climate change risk is materialized. This paper was accepted by Colin Mayer, Special Section of Management Science on Business and Climate Change. Supplemental Material: The data files and online appendix are available at https://doi.org/10.1287/mnsc.2021.4018. [ABSTRACT FROM AUTHOR]

[Display omitted] Solar interfacial evaporation is one of the most efficient and environmentally-friendly clean freshwater production technologies. Plasma metal nanoparticles are excellent optical absorption materials, but their high cost and inherent resonance narrow bandwidth absorption limit their application. In this work, commercial cellulose papers are used as substrates to synthesize Ag-Ni/cellulose paper by the seed-mediated method. The Ag-Ni/cellulose paper exhibits high light absorption at the full wavelength (200–2500 nm) resulting from the synergistic effect of localized surface plasmon resonance (LSPR) of Ag NPs and the interband transitions (IBTs) of Ni. Under one-sun irradiation (1 kW m−2), the energy utilization efficiency of Ag-Ni/cellulose paper is as high as 93.8%, and the water evaporation rate is 1.87 kg m−2 h−1. Diffusion inhibition experiment results show that the Ag-Ni/cellulose paper exhibits excellent antibacterial performance, and the antibacterial performance is highly related with Ag NPs content. These provide new opportunities for commercial production of competitive cost, green, and portable solar evaporators for different application sceneries. [ABSTRACT FROM AUTHOR]

In this work, a pricing model for a defaultable corporate bond with credit rating migration risk is established. The model turns out to be a free boundary problem with two free boundaries. The latter are the level sets of the solution but of different kinds. One is from the discontinuous second order term, the other from the obstacle. Existence, uniqueness, and regularity of the solution are obtained. We also prove that two free boundaries are C ∞. The asymptotic behavior of the solution is also considered: we show that it converges to a traveling wave solution when time goes to infinity. Moreover, numerical results are presented. [ABSTRACT FROM AUTHOR]

We study the relation between bond characteristics and corporate bond returns in China's two distinct and segmented bond markets--the interbank market and the exchange market--with a large cross-sectional dataset of 8318 corporate bonds from January 2010 to December 2022. Corporate bonds with large sizes, long maturities, old ages, poor credit ratings and large Amihud illiquidity earn high monthly returns in the interbank market. The return predictive patterns of bond size, time to maturity, and credit rating are similar in the exchange market, but bond age and Amihud illiquidity predict returns in the opposite direction, implying market segmentation. We construct two factors based on credit rating and Amihud illiquidity to represent the common risk of corporate bonds--credit risk and liquidity risk--and use the Hansen-Jagannathan distance to evaluate the performances of factors in explaining the returns of corporate bond portfolios. We find that the two characteristic-based factors help reduce the model specification errors of the five factors in Fama and French (1993). [ABSTRACT FROM AUTHOR]

Two-dimensional (2D) materials have emerged as a promising functional filler in nanocomposites due to their unique anisotropy and resilience to harsh conditions. We report herein the use of Ti 0.91 O 2 nanosheets as a protective component against γ -irradiation to cellulose paper. The titanate nanosheets were prepared via a sequence of solid-state synthesis of lepidocrocite-type Cs 0.7 Ti 1.825 O 4 , proton exchange to H 0.7 Ti 1.825 O 4 ·H 2 O, and exfoliation with tetrabutylammonium hydroxide. The nanosheets were incorporated into the commercial cellulose filter paper by a simple dip coating up to 0.6 mg cm−2, equivalent to 10 wt% TiO 2. The nanosheets distribution was demonstrated by energy dispersive X-ray (EDX) mapping, synchrotron radiation X-ray tomographic microscopy (SRXTM), and atomic force microscopy (AFM). It is found that γ -irradiation (up to 50 kGy) destroyed the cellulose I β crystallinity of uncoated paper, but this is less pronounced in the cellulose/titanate nanosheets composite. This was also confirmed by the lack of a 235 nm-absorption characteristics of irradiation-induced decomposition product(s) in nanosheets-containing papers, which also exhibit UVA shielding property. The coated samples remained white while the uncoated ones were darkened with γ -irradiation. In addition, the nanosheets-coated papers showed dielectric permittivity, loss tangent, and AC conductivity which were invariant of the γ -dose, unlike those from the uncoated ones. Our work demonstrates the use of lead-free Ti 0.91 O 2 nanosheets as a γ -shielding component to slow down/prevent structural, optical, and electrical properties damages in cellulose paper, which could extend to other nature-derived materials. [Display omitted] • Simple dip coating of commercial filter paper into titanate nanosheets suspension. • Nanosheets loadings were confirmed by several techniques. • The nanosheets (0.6 mg cm−2, or 10 wt% TiO 2) prevent structural, optical, and electrical properties damages by γ -irradiation (up to 50 kGy). [ABSTRACT FROM AUTHOR]

With the aim of effectively preventing and controlling systemic risk, by stimulating the advancement of the green bond market, it is significant and imperative to help investors and policymakers adopt more effective measures, which will ensure them to maximize profit. We construct VAR, DCC-GARCH and Copula-CoVaR models, and study the spillover effect between the green bond market and traditional bond market from the three perspectives of mean spillover, volatility spillover and extreme risk spillover using the data on daily closing prices of green bond market and traditional bond market indices. The research findings of this paper are as follows: (1) There are three spillover effects of mean value, volatility and extreme risk among the green bond market, corporate bond market, enterprise bond market and conventional bond market. (2) From the perspective of mean spillover between markets, only the mean spillover between the conventional bond market and the green bond market is bidirectional, and there is the profoundest impact of spillover from the green bond market to the conventional bond market. (3) As far as the volatility spillover between markets is concerned, the volatility spillover between the three traditional bond market and the green bond markets are all positive. The volatility spillover between the conventional bond market and the green bond market is the largest, which is particularly obvious in the first half of 2018 and the first half of 2020. (4) In terms of inter-market extreme risk spillover, the risk spillover between the green bond market and the traditional bond market is positive. The green bond market contributes more to the risk spillover of the enterprise bond market, and it has a time-varying risk spillover effect on the traditional bond market. [ABSTRACT FROM AUTHOR]