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The pricing of green bonds: external reviews and the shades of green

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Dorfleitner, Gregor ; Utz, Sebastian ; Zhang, Rongxin
License: Creative Commons Attribution 4.0
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Date of publication of this fulltext: 22 Apr 2021 08:08


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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