| License: Creative Commons Attribution 4.0 PDF - Published Version (1MB) |
- URN to cite this document:
- urn:nbn:de:bvb:355-epub-454729
- DOI to cite this document:
- 10.5283/epub.45472
This publication is part of the DEAL contract with Springer.
Abstract
We investigate the asset pricing implications of the greenness of bonds. To estimate a green-pricing effect, we determine the 'green bond premium' as the difference between the yields of matched conventional and green-labeled bonds. On a cross-sectional average, green bonds experience a statistically significant positive premium. This premium increases with external greenness evaluations, i.e., ...
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