Paper Title
The Impact of Russia-Ukraine Conflict on Green Bond Market

Abstract
As an emerging financial market, the green bond market is closely linked with the traditional bond market. A large number of studies show that there is a strong correlation between the green bond market and the traditional bond market. The traditional bond market has a strong spillover effect on the green bond market. We studied this, using much the same methods as previous studies. And they did. At the same time, as a financial product closely related to environment and energy, the performance of green bond will also be affected by the international energy market. By analyzing the average excess return and cumulative excess return, we find that the Russia-Ukraine conflict has a very significant impact on the performance of green bonds in the market. Another conclusion was also found by using the same method: the Russia-Ukraine conflict weakened the spillover effect of the traditional bond market to the green bond market. The significance of our study is to provide a new investment idea for green bond investors or traditional bond investors and explain the reasons for the recent market fluctuations. Keywords - Green Bond ∙ Bond Performance JEL Classification - G30 ∙G38