simple adverse selection model. Firms can use green bonds to signal their green credentials to investors. Transition risk … stems from uncertainty over the introduction of carbon pricing. We show that green bonds have a price premium over … conventional bonds when there are information asymmetry, transition risk, and it is costly to engage in greenwashing, that is …

Green bonds, as one of the main tools of green finance, have become an important choice of enterprises in green … choice to issue labeled green bonds for enterprises that meet the standards of green bonds. This paper employs the Logit … that the type of bonds and the purpose of raising funds are the important factors affecting enterprises to issue labeled …

bonds as any asset are subject to transition climate risk, namely, regulatory risk. This paper investigates the impact of … unexpected political events on the risk and returns of green bonds and their correlation with other assets. We apply a … traditional and regression-based event study and find that events related to climate change policy impact green bonds indices …

otherwise passive portfolio of investment-grade corporate bonds. The main result is that this filtering leads to a substantial …

Using data on institutional investors' bond holdings, we investigate the resilience of green bonds to the COVID-19 … shock in a difference-in-differences framework. We find that during the COVID outbreak green bonds experience lower sales …, on average, while in normal times no significant differences emerge compared with conventional bonds. The result is …

green bonds. However, there is a lack of empirical evidence on the effectiveness of such policies. To date, this is the … green bonds. Given the nascent nature of green bonds, this paper documents the effects of several policy instruments … supporting green bonds on the private sector's issuance of green bonds in 58 green-bond-issuing economies, including 11 economies …

This paper aims at providing an assessment of green bonds from the perspective of sovereign issuers. After a brief … depiction of green bonds’ features, we describe the market evolution, present the EU regulatory framework and identify the main … markets. First, we compare the yields at issuance of sovereign green bonds with non-green bonds of the same issuer with the …

Green bonds are about a decade old financial instrument with cash flows earmarked to improve the environment or combat …. They were followed by corporates, especially utilities, and more recently also governments have started issuing green bonds …. Our returns- and characteristics-based analyses show that an investor allocating to green bonds should finance this from …