Sustainability-linked bonds: is there greenium?
Autor(a) principal: | |
---|---|
Data de Publicação: | 2022 |
Tipo de documento: | Dissertação |
Idioma: | eng |
Título da fonte: | Repositório Institucional do FGV (FGV Repositório Digital) |
Texto Completo: | https://hdl.handle.net/10438/32837 |
Resumo: | Why should companies issue Sustainability-Linked Bonds (SLBs)? Following Flammer (2021) and Tang and Zhang (2020), I test a potential rational for issuing SustainabilityLinked Bonds instead of a “Brown Bonds”. If Sustainability-Linked Bonds investors are willing to accept lower yields for the sake of a better world, Sustainability-Linked Bonds can represent a cheaper source of finance. To examine the cost of capital argument, for each Sustainability-Linked Bonds, I match an otherwise “Brown Bonds” by the same issuer. I run two different models of matching. The goal is ensures that the two bonds are as similar as possible. Then, I test whether the yield differential between the SLBs and the counterfactuals is significant. I analyze the difference with a parametric test, paired t-test, as well as with a non-parametric test, Wilcoxon Signed Rank Test. For the robustness of my results I perform a series of linear OLS regressions on the yield at issue with different sets of control variables. The results show that in both models, the cost of financing through SLBs is lower for the company. In model 1, the difference in yield on the issuance of SLBs is 36 bps to 54 bps lower than “Brown Bonds”. While in model 2, which has a smaller restriction between the years, the result also remains negative, ranging from 71 bps to 104 bps. These results are maintained in all tests performed. |
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Bonacina, Luis Gustavo FerreiraEscolas::EAESPTerra, PauloMinardi, AndreaSaito, Richard2022-11-01T17:23:51Z2022-11-01T17:23:51Z2022-09-30https://hdl.handle.net/10438/32837Why should companies issue Sustainability-Linked Bonds (SLBs)? Following Flammer (2021) and Tang and Zhang (2020), I test a potential rational for issuing SustainabilityLinked Bonds instead of a “Brown Bonds”. If Sustainability-Linked Bonds investors are willing to accept lower yields for the sake of a better world, Sustainability-Linked Bonds can represent a cheaper source of finance. To examine the cost of capital argument, for each Sustainability-Linked Bonds, I match an otherwise “Brown Bonds” by the same issuer. I run two different models of matching. The goal is ensures that the two bonds are as similar as possible. Then, I test whether the yield differential between the SLBs and the counterfactuals is significant. I analyze the difference with a parametric test, paired t-test, as well as with a non-parametric test, Wilcoxon Signed Rank Test. For the robustness of my results I perform a series of linear OLS regressions on the yield at issue with different sets of control variables. The results show that in both models, the cost of financing through SLBs is lower for the company. In model 1, the difference in yield on the issuance of SLBs is 36 bps to 54 bps lower than “Brown Bonds”. While in model 2, which has a smaller restriction between the years, the result also remains negative, ranging from 71 bps to 104 bps. These results are maintained in all tests performed.Por que as empresas deveriam emitir Sustainability-Linked Bonds (SLBs)? Seguindo Flammer (2021) e Tang and Zhang (2020), testo um potencial racional para emissão de SLBs em vez de “Brown Bonds”, sob o argumento de que se os investidores em SLBs estiverem dispostos a aceitar rendimentos mais baixos em prol de um mundo melhor, os SLBs podem representar uma fonte de financiamento mais barata para a empresa. Para examinar o argumento do custo de capital, realizo dois modelos de matching entre os SLBs e os “Brown Bonds” de um mesmo emissor para garantir que os dois títulos sejam o mais parecidos possíıvel. Em seguida, testo se a diferença do “Yield at issue” entre os Sustainability-Linked Bonds e os “Brown Bonds” é significativa. Analiso a diferença com um teste paramétrico, um teste-t pareado, bem como com um teste não paramétrico, Wilcoxon Signed Rank Test. Para a robustez dos meus resultados, realizo uma série de regresso ̃es (OLS) sobre o “Yield at issue” com diferentes conjuntos de variáveis de controle e efeitos fixos. Os resultados mostram que o rendimento na emissão dos Sustainability-Linked Bonds é inferior ao dos “Brown Bonds”. No modelo 1, a diferença de rendimento na emissão de SLBs é de 36 bps a 54 bps menor que os “Brown Bonds”. No modelo 2, o resultado permanece negativo, variando de 71 bps a 104 bps. Esses resultados são mantidos em todos os testes realizados.Sustainability-linked bondsBond marketCost of capitalBrown BondsESGCusto de capitalAdministração de empresasResponsabilidade social da empresaSustentabilidadeTítulos de créditoTítulos (Finanças)Sustainability-linked bonds: is there greenium?info:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/masterThesisinfo:eu-repo/semantics/openAccessengreponame:Repositório Institucional do FGV (FGV Repositório Digital)instname:Fundação Getulio Vargas (FGV)instacron:FGVORIGINALSustainability-Linked Bonds.pdfSustainability-Linked Bonds.pdfPDFapplication/pdf681513https://repositorio.fgv.br/bitstreams/3d333132-7d29-425e-93bc-3991222f3b8a/downloadf855ca1e0f73df863941714643ccd1b0MD51LICENSElicense.txtlicense.txttext/plain; charset=utf-84707https://repositorio.fgv.br/bitstreams/8d9be7da-873b-4527-bcb5-ae863059ba45/downloaddfb340242cced38a6cca06c627998fa1MD52TEXTSustainability-Linked Bonds.pdf.txtSustainability-Linked 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dc.title.eng.fl_str_mv |
Sustainability-linked bonds: is there greenium? |
title |
Sustainability-linked bonds: is there greenium? |
spellingShingle |
Sustainability-linked bonds: is there greenium? Bonacina, Luis Gustavo Ferreira Sustainability-linked bonds Bond market Cost of capital Brown Bonds ESG Custo de capital Administração de empresas Responsabilidade social da empresa Sustentabilidade Títulos de crédito Títulos (Finanças) |
title_short |
Sustainability-linked bonds: is there greenium? |
title_full |
Sustainability-linked bonds: is there greenium? |
title_fullStr |
Sustainability-linked bonds: is there greenium? |
title_full_unstemmed |
Sustainability-linked bonds: is there greenium? |
title_sort |
Sustainability-linked bonds: is there greenium? |
author |
Bonacina, Luis Gustavo Ferreira |
author_facet |
Bonacina, Luis Gustavo Ferreira |
author_role |
author |
dc.contributor.unidadefgv.por.fl_str_mv |
Escolas::EAESP |
dc.contributor.member.none.fl_str_mv |
Terra, Paulo Minardi, Andrea |
dc.contributor.author.fl_str_mv |
Bonacina, Luis Gustavo Ferreira |
dc.contributor.advisor1.fl_str_mv |
Saito, Richard |
contributor_str_mv |
Saito, Richard |
dc.subject.eng.fl_str_mv |
Sustainability-linked bonds Bond market Cost of capital Brown Bonds |
topic |
Sustainability-linked bonds Bond market Cost of capital Brown Bonds ESG Custo de capital Administração de empresas Responsabilidade social da empresa Sustentabilidade Títulos de crédito Títulos (Finanças) |
dc.subject.por.fl_str_mv |
ESG Custo de capital |
dc.subject.area.por.fl_str_mv |
Administração de empresas |
dc.subject.bibliodata.por.fl_str_mv |
Responsabilidade social da empresa Sustentabilidade Títulos de crédito Títulos (Finanças) |
description |
Why should companies issue Sustainability-Linked Bonds (SLBs)? Following Flammer (2021) and Tang and Zhang (2020), I test a potential rational for issuing SustainabilityLinked Bonds instead of a “Brown Bonds”. If Sustainability-Linked Bonds investors are willing to accept lower yields for the sake of a better world, Sustainability-Linked Bonds can represent a cheaper source of finance. To examine the cost of capital argument, for each Sustainability-Linked Bonds, I match an otherwise “Brown Bonds” by the same issuer. I run two different models of matching. The goal is ensures that the two bonds are as similar as possible. Then, I test whether the yield differential between the SLBs and the counterfactuals is significant. I analyze the difference with a parametric test, paired t-test, as well as with a non-parametric test, Wilcoxon Signed Rank Test. For the robustness of my results I perform a series of linear OLS regressions on the yield at issue with different sets of control variables. The results show that in both models, the cost of financing through SLBs is lower for the company. In model 1, the difference in yield on the issuance of SLBs is 36 bps to 54 bps lower than “Brown Bonds”. While in model 2, which has a smaller restriction between the years, the result also remains negative, ranging from 71 bps to 104 bps. These results are maintained in all tests performed. |
publishDate |
2022 |
dc.date.accessioned.fl_str_mv |
2022-11-01T17:23:51Z |
dc.date.available.fl_str_mv |
2022-11-01T17:23:51Z |
dc.date.issued.fl_str_mv |
2022-09-30 |
dc.type.status.fl_str_mv |
info:eu-repo/semantics/publishedVersion |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/masterThesis |
format |
masterThesis |
status_str |
publishedVersion |
dc.identifier.uri.fl_str_mv |
https://hdl.handle.net/10438/32837 |
url |
https://hdl.handle.net/10438/32837 |
dc.language.iso.fl_str_mv |
eng |
language |
eng |
dc.rights.driver.fl_str_mv |
info:eu-repo/semantics/openAccess |
eu_rights_str_mv |
openAccess |
dc.source.none.fl_str_mv |
reponame:Repositório Institucional do FGV (FGV Repositório Digital) instname:Fundação Getulio Vargas (FGV) instacron:FGV |
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FGV |
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Repositório Institucional do FGV (FGV Repositório Digital) |
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MD5 MD5 MD5 MD5 |
repository.name.fl_str_mv |
Repositório Institucional do FGV (FGV Repositório Digital) - Fundação Getulio Vargas (FGV) |
repository.mail.fl_str_mv |
|
_version_ |
1802749860246454272 |