bond proceeds is used for refinancing ordinary debt, continuing ongoing projects, or initiating projects without green … aspects that are novel for the issuer. Only 2% of corporate and municipal green bond proceeds initiate projects with clearly … yields, announcement effects, green bond index inclusion, and green bond fund holdings are uncorrelated with additionality …

portfolios at different speeds. To understand its implications for bond valuation, we develop a general equilibrium model which … model predicts a novel overshooting pattern: when the central bank unwinds its bond purchase, slow adjustment by long …-term investors requires liquidity traders to absorb the imbalance, who demand a higher risk premium that creates excessive bond price …

is associated with municipal bond yield spreads that are higher by around 15 basis points per annum (bps), the effect … little effect for investment grade bond spreads, and with conditional expected returns on stocks that are higher by around 45 …