This item is non-discoverable
Sebastian Utz
Former Member
Title
Prof. Dr.
Last Name
Utz
First name
Sebastian
1 results
Now showing 1 - 1 of 1
- Some of the metrics are blocked by yourconsent settings
Item type:Publication, The pricing of green bonds: external reviews and shades of greenWe investigate the asset pricing implications of the greenness of bonds. To estimate a green-pricing effect, we determine the `green bond premium' as the difference between the yields of matched conventional and green-labeled bonds. On a cross-sectional average, green bonds experience a statistically significant positive premium. This premium increases with external greenness evaluations, i.e., investors accept premiums of up to 5 basis points for bonds with a substantial environmental agenda. This external validation effect, which is strongest for bonds that are rated dark-green, may offset not incurring information costs, as this effect decreases with increasing age of bonds.Type:forthcomingJournal:Review of Managerial Science