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Persistent link: https://www.econbiz.de/10012794092
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...
Persistent link: https://www.econbiz.de/10012299172
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...
Persistent link: https://www.econbiz.de/10012650022
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...
Persistent link: https://www.econbiz.de/10014352209
Persistent link: https://www.econbiz.de/10012794083
This paper studies the evolution of the greenium, i.e. a risk premium linked to firms' greenness and environmental transparency, based on individual stock returns. We estimate an asset pricing model with time-varying risk premia, where the greenium is associated to a priced 'greenness and...
Persistent link: https://www.econbiz.de/10012813579
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Persistent link: https://www.econbiz.de/10015334632
Combining a rich database on natural hazards, granular flood risk maps and detailed information on firm geolocalisation, we study the dynamic impacts of floods on European manufacturing firms during the period 2007-2018. We find that water damages significantly and persistently worsen firm...
Persistent link: https://www.econbiz.de/10013503745
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