ReportDOI
Financing the Response to Climate Change: The Pricing and Ownership of U.S. Green Bonds
Malcolm Baker,Malcolm Baker,Daniel Bergstresser,George Serafeim,Jeffrey Wurgler,Jeffrey Wurgler +5 more
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In this article, the authors study green bonds, which are bonds whose proceeds are used for environmentally sensitive purposes, and find that green municipal bonds are issued at a premium to otherwise similar ordinary bonds.Abstract:
We study green bonds, which are bonds whose proceeds are used for environmentally sensitive purposes. After an overview of the U.S. corporate and municipal green bonds markets, we study pricing and ownership patterns using a simple framework that incorporates assets with nonpecuniary utility. As predicted, we find that green municipal bonds are issued at a premium to otherwise similar ordinary bonds. We also confirm that green bonds, particularly small or essentially riskless ones, are more closely held than ordinary bonds. These pricing and ownership effects are strongest for bonds that are externally certified as green.read more
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Confederate Memorials and the Housing Market
TL;DR: This paper found that houses on streets with names that honor the Confederacy sell for 3% less than other similar nearby houses, and the effect is concentrated outside the South and in regions with greater Black populations and more left-leaning voters.
Mercados, entidades financieras y bancos centrales ante el cambio climático: retos y oportunidades
TL;DR: In contrast, the authors consider a set of riesgos financieros, i.e., the potential effects of the cambio climatico and the transicion hacia a bajo carbono, on the balance of entidades financiera and present a naturaleza sistemica.
Journal ArticleDOI
Green Bonds: A Propitious Financial Instrument of Climate Finance
TL;DR: In this paper , the authors used an international sample of recent green bond issues and illustrated the possible effects of the issuing of a green bond for the issuer, and concluded that the market responds adversely to the first issuing of green bonds and in developing markets.
Book ChapterDOI
Exponential Growth of Sustainable Debt: Green Bonds Surge
TL;DR: Green taxonomy will help in accelerating the existing levels of the investors' inclination and understanding about how the green bonds work as mentioned in this paper , which will also address the issue of greenwashing and increase the trust of investors in green bonds.
Journal ArticleDOI
Zielone finanse publiczne w Polsce : stan obecny i autorskie propozycje zmian
Sebastian Skuza,Anna Modzelewska +1 more
TL;DR: The main aim of as discussed by the authors is to analyse the activities of the Polish government in the field of issuing green bonds and indicate the basic objectives and results of activities conducive to environmental protection, as well as to indicate the possibilities of developing financial instruments in the area of green finance.
References
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Socially responsible investments: Institutional aspects, performance, and investor behavior
TL;DR: In this paper, the authors provide a critical review of the literature on socially responsible investments (SRI) and conclude that existing studies hint but do not unequivocally demonstrate that SRI investors are willing to accept suboptimal financial performance to pursue social or ethical objectives.
Journal ArticleDOI
The Effect of Green Investment on Corporate Behavior
TL;DR: In this paper, the authors explore the effect of exclusionary ethical investing on corporate behavior in a risk-averse, equilibrium setting and show that it leads to polluting firms being held by fewer investors since green investors eschew polluting stocks.
Journal ArticleDOI
The effect of pro-environmental preferences on bond prices: Evidence from green bonds
TL;DR: In this paper, the authors used green bonds as an instrument to identify the effect of non-pecuniary motives, specifically pro-environmental preferences, on bond market prices.
Journal ArticleDOI
The Wages of Social Responsibility
Meir Statman,Denys Glushkov +1 more
TL;DR: This article analyzed returns during 1992-2007 of stocks rated on social responsibility by KLD and found that this tilt gave socially responsible investors a return advantage relative to conventional investors, but the return advantage of tilts toward stocks of companies with high social responsibility scores is largely offset by the return disadvantage that comes from the exclusion of stocks of'shunned' companies.
Journal ArticleDOI
Disagreement, Tastes, and Asset Prices
TL;DR: The authors provide a simple framework for studying how disagreement and tastes for assets as consumption goods can affect asset prices, and propose a model to estimate the probability distributions of future payoffs on assets.