Is there a Greenium in the Corporate Green Bond Market?

Detalhes bibliográficos
Autor(a) principal: Alves, Paulo
Data de Publicação: 2022
Outros Autores: Lopes, Euclides, Pinto, João
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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spelling 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
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instname_str Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação
instacron_str RCAAP
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reponame_str Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
collection Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
repository.name.fl_str_mv Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação
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