Is there a Greenium in the Corporate Green Bond Market?
Autor(a) principal: | |
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Data de Publicação: | 2022 |
Outros Autores: | , |
Tipo de documento: | Artigo |
Idioma: | eng |
Título da fonte: | Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
Texto Completo: | http://hdl.handle.net/11144/6569 |
Resumo: | This paper examines the pricing of green bonds vis-à-vis standard corporate bonds. Using a cross-section of green bonds issued by corporates in the 2014–2021 period, we build a matched sample of quasi-identical conventional bonds and find a statistically insignificant green bond premium of -7.2 bps. These results remain identical when creating subsamples according to the currency of denomination (euro versus USD) and issuer types (financial versus nonfinancial firms), and when controlling for contractual, macroeconomic, and several fixed effects. Our findings imply that there is no pricing difference between bonds that mainly differ with respect to their green label, and investors are not willing to exchange financial returns for non-pecuniary environmental benefits. |
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Is there a Greenium in the Corporate Green Bond Market?green bondscorporate bondsgreeniumESGThis paper examines the pricing of green bonds vis-à-vis standard corporate bonds. Using a cross-section of green bonds issued by corporates in the 2014–2021 period, we build a matched sample of quasi-identical conventional bonds and find a statistically insignificant green bond premium of -7.2 bps. These results remain identical when creating subsamples according to the currency of denomination (euro versus USD) and issuer types (financial versus nonfinancial firms), and when controlling for contractual, macroeconomic, and several fixed effects. Our findings imply that there is no pricing difference between bonds that mainly differ with respect to their green label, and investors are not willing to exchange financial returns for non-pecuniary environmental benefits.CICEE. Universidade Autónoma de Lisboa2023-07-31T09:36:41Z2022-12-01T00:00:00Z2022-12info:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/articleapplication/pdfhttp://hdl.handle.net/11144/6569eng2184-898X |https://doi.org/10.26619/ERBE-2022.2.2.6Alves, PauloLopes, EuclidesPinto, Joãoinfo:eu-repo/semantics/openAccessreponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãoinstacron:RCAAP2024-01-11T02:27:45Zoai:repositorio.ual.pt:11144/6569Portal AgregadorONGhttps://www.rcaap.pt/oai/openaireopendoar:71602024-03-20T01:35:40.441657Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãofalse |
dc.title.none.fl_str_mv |
Is there a Greenium in the Corporate Green Bond Market? |
title |
Is there a Greenium in the Corporate Green Bond Market? |
spellingShingle |
Is there a Greenium in the Corporate Green Bond Market? Alves, Paulo green bonds corporate bonds greenium ESG |
title_short |
Is there a Greenium in the Corporate Green Bond Market? |
title_full |
Is there a Greenium in the Corporate Green Bond Market? |
title_fullStr |
Is there a Greenium in the Corporate Green Bond Market? |
title_full_unstemmed |
Is there a Greenium in the Corporate Green Bond Market? |
title_sort |
Is there a Greenium in the Corporate Green Bond Market? |
author |
Alves, Paulo |
author_facet |
Alves, Paulo Lopes, Euclides Pinto, João |
author_role |
author |
author2 |
Lopes, Euclides Pinto, João |
author2_role |
author author |
dc.contributor.author.fl_str_mv |
Alves, Paulo Lopes, Euclides Pinto, João |
dc.subject.por.fl_str_mv |
green bonds corporate bonds greenium ESG |
topic |
green bonds corporate bonds greenium ESG |
description |
This paper examines the pricing of green bonds vis-à-vis standard corporate bonds. Using a cross-section of green bonds issued by corporates in the 2014–2021 period, we build a matched sample of quasi-identical conventional bonds and find a statistically insignificant green bond premium of -7.2 bps. These results remain identical when creating subsamples according to the currency of denomination (euro versus USD) and issuer types (financial versus nonfinancial firms), and when controlling for contractual, macroeconomic, and several fixed effects. Our findings imply that there is no pricing difference between bonds that mainly differ with respect to their green label, and investors are not willing to exchange financial returns for non-pecuniary environmental benefits. |
publishDate |
2022 |
dc.date.none.fl_str_mv |
2022-12-01T00:00:00Z 2022-12 2023-07-31T09:36:41Z |
dc.type.status.fl_str_mv |
info:eu-repo/semantics/publishedVersion |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/article |
format |
article |
status_str |
publishedVersion |
dc.identifier.uri.fl_str_mv |
http://hdl.handle.net/11144/6569 |
url |
http://hdl.handle.net/11144/6569 |
dc.language.iso.fl_str_mv |
eng |
language |
eng |
dc.relation.none.fl_str_mv |
2184-898X | https://doi.org/10.26619/ERBE-2022.2.2.6 |
dc.rights.driver.fl_str_mv |
info:eu-repo/semantics/openAccess |
eu_rights_str_mv |
openAccess |
dc.format.none.fl_str_mv |
application/pdf |
dc.publisher.none.fl_str_mv |
CICEE. Universidade Autónoma de Lisboa |
publisher.none.fl_str_mv |
CICEE. Universidade Autónoma de Lisboa |
dc.source.none.fl_str_mv |
reponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação instacron:RCAAP |
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Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação |
instacron_str |
RCAAP |
institution |
RCAAP |
reponame_str |
Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
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Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
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Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação |
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1799136832431063040 |