overlooking the channel through which CSR activities affect firm value (Margolis and Walsh, 2001; Ruf et al., 2001; Saeidi et al., 2015; Servaes and Tamayo, 2013). Some scholars cast doubt on assuming a direct

, evidence form McInnis (2010) suggests that past earnings volatility is not associated with cost of capital, casting doubt on its construct validity as proxy for risk. Konstantinidi and Pope (2014) suggest

Bonds Standard. For the avoidance of doubt, certification does not address any other aspect of the designated debt instrument which is not covered by the applicable Climate Bonds Standard, such as