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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/10012868354

Impact Investing

Barber, Brad M. - 2019

We document that investors derive nonpecuniary utility from investing in dual-objective VC funds, thus sacrificing returns. Impact funds earn 4.7 percentage points (ppts) lower IRRs ex post than traditional VC funds. In random utility/willingness-to-pay (WTP) models investors accept 2.5-3.7 ppts...

Persistent link: https://www.econbiz.de/10012857728

Currency Matters : Analyzing International Bond Portfolios

Burger, John D. - 2017

Currency denomination is a prominent feature in the analysis of the structure of international bond markets, but is … bond holdings—indirectly because the global holdings dataset does not differentiate by currency denomination—and then more …

Persistent link: https://www.econbiz.de/10012962726

Sovereign Bond Prices, Haircuts and Maturity

Asonuma, Tamon - 2017

perceived default risk, bond prices, and haircuts by maturity …

Persistent link: https://www.econbiz.de/10012946502

The Shifting Drivers of Global Liquidity

Avdjiev, Stefan - 2017

The sensitivity of the main global liquidity components, international loan and bond flows, to global factors varied …

Persistent link: https://www.econbiz.de/10012952502

Robust Bond Risk Premia

Bauer, Michael D. - 2017

predict bond returns. This paper shows that the statistical tests underlying this evidence are subject to serious small …

Persistent link: https://www.econbiz.de/10012954916

Long-Run Returns to Impact Investing in Emerging Markets and Developing Economies

Cole, Shawn Allen; Melecky, Martin; Mölders, Florian; … - 2022

There is interest in impact investing, the idea of deploying capital to obtain both financial and social returns. But private financial returns are only possible if capital markets are not perfectly integrated, so profit opportunities still exist in certain markets. This proposition is put to...

Persistent link: https://www.econbiz.de/10013492479

The Asymmetry in Responsible Investing Preferences

Humphrey, Jacquelyn; Kogan, Shimon; Sagi, Jacob Shimon; … - 2023

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/10014353438

Measuring Firm Environmental Performance to Inform ESG Investing

Muller, Nicholas Z. - 2023

Investing according to environmental, social, and governance criteria is gaining momentum. Most environmental performance indices focus only on the tonnage of carbon dioxide (CO2) emissions. This paper proposes a new monetary index covering eight pollutants. Inclusion of multiple pollutants...

Persistent link: https://www.econbiz.de/10014353821

Sustainable Investing in Equilibrium

Pastor, Lubos - 2019

We model investing that considers environmental, social, and governance (ESG) criteria. In equilibrium, green assets have low expected returns because investors enjoy holding them and because green assets hedge climate risk. Green assets nevertheless outperform when positive shocks hit the ESG...

Persistent link: https://www.econbiz.de/10012857813