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

URN to cite this document:
urn:nbn:de:bvb:355-epub-454729
DOI to cite this document:
10.5283/epub.45472
Dorfleitner, Gregor ; Utz, Sebastian ; Zhang, Rongxin
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License: Creative Commons Attribution 4.0
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Date of publication of this fulltext: 22 Apr 2021 08:08


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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