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Green Bonds : New Label, Same Projects
Lam, Pauline; Wurgler, Jeffrey - National Bureau of Economic Research - 2024
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 …
Persistent link: https://www.econbiz.de/10015072901
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The role of Venture Capital and Governments in Clean Energy : Lessons from the First Cleantech Bubble
Heuvel, Matthias van den; Popp, David - National Bureau of Economic Research - 2022
After a boom and bust cycle in the early 2010s, venture capital (VC) investments are, once again, flowing towards green businesses. In this paper, we use Crunchbase data on 150,000 US startups founded between 2000 and 2020 to better understand why VC initially did not prove successful in funding...
Persistent link: https://www.econbiz.de/10013191014
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Causal Effects of Renewable Portfolio Standards on Renewable Investments and Generation : The Role of Heterogeneity and Dynamics
Deschênes, Olivier; Malloy, Christopher; McDonald, Gavin G. - National Bureau of Economic Research - 2023
Despite a 30-year long history, Renewable Portfolio Standards (RPS) remain controversial and debates continue to surround their efficacy in leading the low-carbon transition in the electricity sector. Contributing to the ongoing debates is the lack of definitive causal evidence on their impact...
Persistent link: https://www.econbiz.de/10014337826
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Measuring the Impact of Own and Others’ Experience on Project Costs in the U.S. Wind Generation Industry
Anderson, John W. - 2019
We investigate the relationship between accumulated experience completing wind power projects and the cost of installing wind projects in the U.S. from 2001-2015. Our modeling framework disentangles accumulated experience from input price changes, scale economies, and exogenous technical change;...
Persistent link: https://www.econbiz.de/10012480060
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Maximizing the Impact of Climate Finance : Funding Projects or Pilot Projects?
Kotchen, Matthew J. - 2017
This paper contributes to the understanding of how to maximize the impact of publicly provided climate finance to leverage the private sector. Agencies seeking to promote private investment in support of climate change mitigation and adaptation may have a choice between subsidizing projects or...
Persistent link: https://www.econbiz.de/10012455657
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Is the Emphasis on Cofinancing Good for Environmental Multilateral Funds?
Kotchen, Matthew J.; Vogt, Andrew - National Bureau of Economic Research - 2023
International environment and development agencies increasingly emphasize external cofinancing when selecting projects to fund. This paper considers whether the emphasis on cofinancing helps promote institutional objectives, or creates perverse and inefficient incentives. We present a model of...
Persistent link: https://www.econbiz.de/10014322845
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Dissecting Green Returns
Pástor, Ľuboš; Stambaugh, Robert F.; Taylor, Lucian A. - National Bureau of Economic Research - 2021
Green assets delivered high returns in recent years. This performance reflects unexpectedly strong increases in environmental concerns, not high expected returns. German green bonds outperformed their higher-yielding non-green twins as the "greenium" widened, and U.S. green stocks outperformed...
Persistent link: https://www.econbiz.de/10012585424
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The Asymmetry in Responsible Investing Preferences
Humphrey, Jacquelyn; Kogan, Shimon; Sagi, Jacob Shimon; … - National Bureau of Economic Research - 2021
We design an experiment to understand how social preferences affect investment decisions through stock allocations and probability assessments. The major preference channel is asymmetric in social outcomes - although negative and positive responsible investment (RI) externalities have the same...
Persistent link: https://www.econbiz.de/10012629508
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On ESG Investing : Heterogeneous Preferences, Information, and Asset Prices
Goldstein, Itay; Kopytov, Alexandr; Shen, Lin; Xiang, … - National Bureau of Economic Research - 2022
We study how environmental, social and governance (ESG) investing reshapes information aggregation by prices. We develop a rational expectations equilibrium model in which traditional and green investors are informed about financial and ESG risks but have different preferences over them. Because...
Persistent link: https://www.econbiz.de/10013191008
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Green Bonds : Effectiveness and Implications for Public Policy
Flammer, Caroline - 2019
green bonds and characterize the "green bond boom" witnessed in recent years. Second, using firm-level data on green bonds … bonds. I find that the stock market responds positively to the announcement of green bond issues. Moreover, I document a … certification is an important governance mechanism in the green bond market. I conclude by discussing potential implications for …
Persistent link: https://www.econbiz.de/10012479900