The financial system plays a major role in the transition to a low-carbon economy. We investigate this issue analyzing the recent developments and challenges in the bond and debt markets. First, we study the pricing of green bonds at issuance. We find a premium when green bonds are issued by...

We examine the resilience of green bonds to the COVID-19 shock through the lens of institutional investors’ holdings. We show that, during the pandemic outbreak, green bonds experienced lower net sales, on average, than equivalent conventional bonds, while no significant differences emerge...

While green bonds are becoming increasingly popular in the corporate finance practice, little is known about their implications and effectiveness in terms of issuers' environmental engagement. Using matched bond-issuer data, we test whether green bond issues are associated to a reduction in...

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...

Using data on institutional investor holdings, we investigate the resilience of green bonds to the COVID-19 shock in a difference-in-differences framework. We find that, during the pandemic outbreak, green bonds experienced lower sales, on average, than equivalent conventional bonds, while no...

While green bonds are becoming increasingly popular in the corporate finance practice, little is known about their implications and effectiveness in terms of issuers’ environmental engagement. Using matched bond-issuer data, we test whether green bond issues are associated to a reduction in...

This study investigates the characteristics of the European non-financial corporations (NFC's) bond issuers in the period 2004-2015. We find that bond issuers are significantly different from non-bond issuers; they are larger and older, and listed firms are more likely to issue bonds. Among...