Green bonds: shades of green and brown
| Autor: | Moritz Immel, Dirk Schiereck, Florian Kiesel, Britta Hachenberg |
|---|---|
| Rok vydání: | 2020 |
| Předmět: |
040101 forestry
050208 finance Information Systems and Management business.industry Financial economics Strategy and Management Corporate governance Bond 05 social sciences 04 agricultural and veterinary sciences Basis point 0502 economics and business 0401 agriculture forestry and fisheries Business and International Management business Weighted arithmetic mean Financial services Shades of green |
| Zdroj: | Journal of Asset Management. 22:96-109 |
| ISSN: | 1479-179X 1470-8272 |
| Popis: | We analyse the existence of a green bond premium and find a negative premium of 8 to 14 basis points. We are further interested in the influence of ESG ratings on green bonds to determine if investors differentiate between the shade of green. Examining a unique dataset of green bonds, we find a statistically significant influence of ESG ratings on bond spreads. A one-point increase in the weighted average ESG score leads to a decrease in the spread of 6 to 13 basis points. Interestingly, the results are not driven by the environmental friendliness of the green bond issuer, but through the company’s governance. |
| Databáze: | OpenAIRE |
| Externí odkaz: |
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