Green bonds: shades of green and brown

被引：0
|
作者：
Moritz Immel
Britta Hachenberg
Florian Kiesel
Dirk Schiereck
机构：
[1] Technical University of Darmstadt,
[2] Technische Hochschule Köln,undefined
[3] Grenoble Ecole de Management,undefined
来源：
Journal of Asset Management | 2021年 / 22卷
关键词：
Green bonds; ESG ratings; Green bond premium; Governance; G12; M14; Q50;
D O I：
暂无
中图分类号：
学科分类号：
摘要：
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.
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页码：96 / 109
页数：13
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