Do Green Bonds Actually Lead to Rosy Returns? “Skeptics argue these instruments amount to little more than greenwashing. New research supports this critical view, revealing that stock prices, ESG scores, and emissions do not improve following green-bond issuance.” Based on the research of Aaron Yoon, and Sanjai Bhagat, April 1, 2024, Kellogg School of Management, Northwestern University, Illinois, USA.