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The grass is greener on the other side: Comparison of green versus brown corporate bonds
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1-s2.0-S221484502200059X-main.pdf
Date
2022-11-01
Author
Ayaydın Hacıömeroğlu, Hande
Danışoğlu, Seza
Güner, Zehra Nuray
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This study compares the yield-to-maturities on green versus brown corporate bonds on their issue dates, after controlling for the market, firm, bond, and currency characteristics of the bonds. Our analyses show that if these characteristics are not addressed, it is possible to find support for the existence of a “greenium” at a magnitude of about 25 basis points. However, when all yield factors are included in the models, the results change and indicate that issuers do not necessarily enjoy any cost advantage when they issue green bonds, instead of brown bonds. Failure to consider these interactions might lead to biased findings.
Subject Keywords
Blended-value investing
,
Green bonds
,
Greenium
,
Impact investing
URI
https://www.scopus.com/inward/record.uri?partnerID=HzOxMe3b&scp=85138800943&origin=inward
https://hdl.handle.net/11511/101725
Journal
Borsa Istanbul Review
DOI
https://doi.org/10.1016/j.bir.2022.08.006
Collections
Department of Business Administration, Article
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H. Ayaydın Hacıömeroğlu, S. Danışoğlu, and Z. N. Güner, “The grass is greener on the other side: Comparison of green versus brown corporate bonds,”
Borsa Istanbul Review
, vol. 22, no. 6, pp. 1182–1194, 2022, Accessed: 00, 2023. [Online]. Available: https://www.scopus.com/inward/record.uri?partnerID=HzOxMe3b&scp=85138800943&origin=inward.