Publicação
Greenium in the secondary market for corporate bonds
| Resumo: | Green bonds are seen as a key financial instrument for unlocking the transition to a low-carbon economy (Paris Agreement). To study the potential green premium of this financial instrument, I resort to two methodologies: a parametric approach, fixed effects, and a non-parametric, propensity score matching. The results corroborate the finding of a negative yield spread between green and non-green (greenium) euro-denominated investment-grade corporate bonds in the secondary market. The magnitude varies, on average, between 10 and 30 basis points, depending on the estimation method. In the financial sector, the greenium is even higher, reaching up to 40 basis points. |
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| Autores principais: | Novo, Raquel Maria Silva |
| Assunto: | Green bonds Greenium Fixed effects Propensity sore matching Yield spread Euro-denominated Corporate investment-grade bonds Secondary market |
| Ano: | 2023 |
| País: | Portugal |
| Tipo de documento: | dissertação de mestrado |
| Tipo de acesso: | acesso aberto |
| Instituição associada: | Universidade Nova de Lisboa |
| Idioma: | inglês |
| Origem: | Repositório Institucional da UNL |
| Resumo: | Green bonds are seen as a key financial instrument for unlocking the transition to a low-carbon economy (Paris Agreement). To study the potential green premium of this financial instrument, I resort to two methodologies: a parametric approach, fixed effects, and a non-parametric, propensity score matching. The results corroborate the finding of a negative yield spread between green and non-green (greenium) euro-denominated investment-grade corporate bonds in the secondary market. The magnitude varies, on average, between 10 and 30 basis points, depending on the estimation method. In the financial sector, the greenium is even higher, reaching up to 40 basis points. |
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