Does transparency matter? Evidence from panel analysis of the EU government green bonds

Article Business, Finance

Pricing of Green Labeling: A Comparison of Labeled and Unlabeled Green Bonds

Suk Hyun et al.

Summary: The study found that unlabeled green bonds are likely to have higher yields, despite unlabeled and labeled green bonds having the same characteristics.

FINANCE RESEARCH LETTERS (2021)

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Article Business, Finance

The pricing of green bonds: Are financial institutions special?

Serena Fatica et al.

Summary: The financial system plays a significant role in transitioning to a low-carbon economy, with green bonds issued by supranational institutions and corporates showing a premium, while financial institutions' green bonds do not. Banks issuing green bonds reduce lending towards carbon-intensive sectors, but this impact is limited to the loan amounts granted in the role of lead bank.

JOURNAL OF FINANCIAL STABILITY (2021)

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Article Business, Finance

Does compliance with Green Bond Principles bring any benefit to make G20's 'Green economy plan' a reality?

Kariyawasam Galoluwage Madurika Nanayakkara et al.

Summary: This study finds a significant positive impact of higher compliance with Green Bond Principles on investor demand for Green Bonds, particularly reflected in bid-ask spread and yield spread. Additionally, government-issued GBs are able to mitigate the adverse effects of low compliance with GBPs, and there is higher demand for fixed-coupon GBs compared to float-coupon GBs.

ACCOUNTING AND FINANCE (2021)

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Article Business, Finance

Green bonds: shades of green and brown

Moritz Immel et al.

Summary: There is a negative premium in green bonds, and ESG ratings have a significant impact on bond spreads, which is not only determined by the environmental friendliness of the green bond issuer but also by the company's governance.

JOURNAL OF ASSET MANAGEMENT (2021)

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Article Economics

The impacts of liquidity measures and credit rating on corporate bond yield spreads: evidence from China's green bond market

Kai Chang et al.

Summary: This article examines the relationship among liquidity measures, credit ratings, and yield spreads of green corporate bonds in China. It reveals that lower market liquidity, credit rating level, and issued age have a greater impact on the yield spreads of ordinary corporate bonds than those of green corporate bonds. Additionally, factors like illiquidity ratio, nontrade frequency ratio, zero-trade volume, yield volatility, interest rate margin, and issued age have a more significant influence on ordinary corporate bonds compared to green corporate bonds, especially at the AAA credit rating level.

APPLIED ECONOMICS LETTERS (2021)

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Article Business, Finance

Toward ESG Alpha: Analyzing ESG Exposures through a Factor Lens

Ananth Madhavan et al.

FINANCIAL ANALYSTS JOURNAL (2021)

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Article Business

Exploring the determinants of green bond issuance: Going beyond the long-lasting debate on performance consequences

Angeloantonio Russo et al.

Summary: Green bonds have emerged as a new financial tool to better respond to sustainability themes. This study explores the determinants of green bond performance from three perspectives: project characteristics, firm-specific corporate sustainability-oriented strategy, and country-specific factors. The results provide interesting theoretical and practical implications for green bond issuers, investors, and governments.

BUSINESS STRATEGY AND THE ENVIRONMENT (2021)

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Article Economics