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Green bonds, environmental, social, and governance scores, and the greenwashing puzzle : insights from the ASEAN region

Viona, Crecia; Anrika, Esthervany; Dewi, Camilla Tiara; … - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015616861

Green bond market performance : does investor sentiment contagion matter?

Le Thuy Duong Ha; Hoque, Ariful; Le, Thi - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015618423

The effects of increased Korea Treasury Bond issuance on the yield curve

Kim, Meeroo; Hong, Jong Soo - 2026

This study examines the impact of the sharp increase in Korea Treasury Bond (KTB) issuance following the COVID-19 crisis and analyzes the effects of bond buybacks as a policy countermeasure. Using a dynamic Nelson-Siegel model with macroeconomic factors, we estimate the effects of changes in the...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015654796

Transfer learning of discount curves between bonds and swaps : an empirical study

Camenzind, Nicolas; Filipović, Damir - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015609770

ESG narrative quality in green bond disclosures : implications for risk perception, transparency, and market trust

Gaur, Parul; Irfan, Mohammad; Kanesaraj Ramasamy, R; … - 2026

This research evaluates the extent to which firms' "green" bond disclosures create and convey a meaningful representation of their Environmental, Social, and Governance ("ESG") commitments. Additionally, this research explores how investors distinguish between disclosures that represent genuine...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015611241

A framework for interpreting machine learning models in bond default risk prediction using LIME and SHAP

Zhang, Yan; Chen, Lin; Tian, YiXiang - 2026

Interpretability analysis methods, such as LIME and SHAP, are widely employed to explain the predictions of artificial intelligence models; however, they primarily function as post hoc tools and do not directly quantify the intrinsic interpretability of the models. Although it is commonly...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015611531

Green investment : examining the influencing factors and mechanisms on the investment willingness of China retail investors towards green bonds

Tao, Zhibin - 2026

As global climate and sustainable challenges gain more attention, green finance has emerged as a significant focus of worldwide financial reform, with green bonds serving as a key indicator. Retail investors, as an important part of the financial market, have a significant impact on the...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015614367

Greener but thinner? : assessing green bond market liquidity

Dulak, Thomas; Wolff, Guntram B. - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015614426

Sukuk, financial crises and growth : empirical evidence from Islamic capital markets

Naz, Syeda Arooj; Gulzar, Saqib; Hassan, M. Kabir - 2026

This paper analyses the role of Sukuk issuance in driving economic growth amid the Global Financial Crisis (2007-2009), considering both short-term fluctuations and long-term outcomes during periods of financial distress.Using the Pooled Mean Group (PMG) approach of the ARDL model, the study...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015616427

Environmental score and bond pricing : it better be good, it better be green

Fornari, Fabio; Pianeselli, Daniele; Zaghini, Andrea - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015580307

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Environmental score and bond pricing : it better be good, it better be green

Fornari, Fabio; Pianeselli, Daniele; Zaghini, Andrea - 2026

Book / Working Paper

Environmental score and bond pricing : it better be good, it better be green

Fornari, Fabio; Pianeselli, Daniele; Zaghini, Andrea - 2026

Book / Working Paper

Warming up the assets : modelling the role of global warming on green financial assets under bearish, normal and bullish market conditions

Usman, Ojonugwa; Ozkan, Oktay; Alola, Andrew Adewale; … - 2026

Global warming remains one of the greatest threats to the sustainability of the planet. The literature is replete with studies investigating the economic effects of global warming with very little attention being paid to the financial ramifications. To this end, the present study attempts to...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015603745

Green is the new black

Moro, Alessandro; Zaghini, Andrea - 2026

Donald Trump's re-election and renewed exit from the Paris Agreement marked a deterioration in the US green bond market. Using a difference-in-differences approach, we estimate a 4.4-6.0 percentage point drop in issuance probability and a USD 20-28 million decline in monthly green-issuance...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015603857

The co-pricing factor zoo

Dickerson, Alexander; Julliard, Christian; Mueller, Philippe - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015604105

Foreign bonds, territorial change and repudiation : the Silesian Bonds saga

Bindseil, Ulrich; Gulati, Mitu - 2026

Once a famous tale of conquest, law and foreign bond markets, the saga of the Silesian Bonds of 1734-37 is missing from the literature on sovereign debt. The Silesian Bonds were among the earliest foreign currency sovereign bonds issued. They go into the market 84 years prior to the 1818...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015620325

Inflation targeting and the dynamics of inflation risk premia in South Africa's bond market

Allison, Chloë; Wet, Theuns de - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015624793

Fiscal sustainability of transition finance : implications for the GX economy transition bonds in Japan

Fukuda, Shin'ichi; Ino, Akio - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015626417

Hedging against inflation : international evidence on investor clientele effects

Boermans, Martijn; Swinkels, Laurens - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015638014

Contagion and default risks in derivative pricing : a Hawkes-based model

Agana, Francis; Maré, Eben - 2026

Modern financial systems do not exist in isolation but form part of a complex global network of interconnected financial systems. This globalization of financial systems significantly increases the risk of contagion in financial markets, impacting asset prices and other important economic...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015638968

Persistence and long-run linkages between US stock market prices and bond yields

Salazar, Juan Diego Cafferata; Caporale, Guglielmo Maria; … - 2026

This paper uses fractional integration and cointegration methods to examine the persistence and long-run relationship between the S&P 500 index and the nominal yield to maturity of 10-year US Treasury bonds (GS10) over the period from January 1954 to December 2024. The results indicate that both...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015639090

Bail-in or bailout? : regulatory power in coco bond yields

Chen, Jiacheng; Farkas, Walter; Lucescu, Patrick - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015640041

Bonds or Credits? : risk management and sovereign lending in the Euromarkets : evidence from Mexico, 1973-1982

Alverez, Sebastian; Molteni, Marco - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015640074

Complexity-aware vector-valued machine learning of state-level bond returns : evidence on South African trade spillovers under SALT and OBBBA

Dash, Gordon; Kajiji, Nina; Vonella, Domenic; Zhou, Helper - 2026

This study examines the impact of international trade shocks from South Africa and recent U.S. federal tax reforms on state-level municipal bond returns within the United States. Employing a unique transaction-level dataset comprising more than 50 million municipal bond trades from 2020 to 2024,...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015640447

Beyond carry-trading : new insights into the uses of foreign-denominated bond issuances by Latin American firms

Pérez Artica, Rodrigo; Rabinovich, Joel; Zeolla, … - 2026

Corporate bond issuances originating from developing and emerging market economies have emerged as the primary catalyst for the expansion of global debt following the Global Financial Crisis, Although Asia has dominated this trend, Latin American firms have significantly contributed, emerging as...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015644021

Do financial technology and clean bonds reshape risk spillovers in sectoral equity markets? : A quantile-based assessment using the US case

Hossain, Mohammad Razib; Doğan, Buhari; Tiwari, Aviral … - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015644723

The state-contingent debt premium : evidence from French public bonds

Mitchener, Kris; Pina, Gonçalo - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015647367

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The state-contingent debt premium : evidence from French public bonds

Mitchener, Kris; Pina, Goncalo - 2026

Book / Working Paper

The state-contingent debt premium: evidence from french public bonds

Mitchener, Kris; Pina, Gonçalo - 2026

Book / Working Paper

Asymmetric spillovers between US sector stocks, Islamic stock index, conventional bond, green bond, and commodity markets

Mensi, Walid; El Khoury, Rim; Alshater, Muneer Maher; … - 2026

This study examines asymmetric spillovers among U.S. sector stocks, the Islamic stock index, conventional bonds, green bonds, and commodity markets. Using the TVP-VAR connectedness approach, we decompose total connectedness into positive and negative spillovers to capture asymmetric market...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015651758

How is integrated reporting quality influential on ESG risk scores? : Pillar-Based evidence from international banks

Sarıoğlu, Mert; Taşkın, Dilvin; Kartal, Mustafa Tevfik - 2026

The reporting quality and environment, social, and governance (ESG) scores have become critical in investment and trading decisions. Accordingly, this study finds out the association between Integrated Reporting Quality (IRQ), its pillars, and ESG risk (ESGR) scores of 33 international banks,...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015652149

The value of bonding at work : evidence from a field experiment

Belot, Michèle; Hakimov, Rustamdjan - 2026

We design an intervention to foster social ties at work and evaluate its impact on performance and retention. We run a cluster-randomized field experiment in a large microfinance firm, providing small subsidies for geographically spread offices to organize biweekly social activities over three...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015652407

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The value of bonding at work : evidence from a field experiment

Belot, Michèle; Hakimov, Rustamdjan - 2025

Book / Working Paper

Sovereign green bonds : risk-mitigating sustainability instruments in emerging markets

Nevatia, Vedanshi - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015632226

On the limits of hedging inflation risk in investment portfolios

Chen, Damiaan H. J.; Beetsma, Roel; Wijnbergen, Sweder van - 2026 - This version: April 9, 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015632820

When the tide goes out : the effect of QE on the structure of the financial system

Kotronis, Stelios; Leombroni, Matteo; Rogers, Ciaran; … - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015635532

The green bond premium : evidence from a multiverse analysis

Bauckloh, Michael Tobias; Kirsch, Paula - 2026

We study the green bond premium, defined as the yield differential between green and matched conventional bonds in the secondary market. Existing estimates vary widely, raising questions about their robustness. We address this by estimating the premium across more than 500,000 empirical designs...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015636387

Determinants of liquidity in the japanese government bond market : an interpretable machine learning approach

Kojima, Satoko; Sakiyama, Toshiyuki - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015636987

Demand disagreement

Heyerdahl-Larsen, Christian; Illeditsch, Philipp - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015573684

Institutional ownership and bond pricing : evidence from China

Wang, Yulin; Zhang, Xueying; Walker, Thomas; Liedtke, Gerrit - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015559920

Global risk aversion and the term premium gap in emerging market economies

Flaccadoro, Marco; Villa, Stefania - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015561050

Vulnerability of eco-friendly assets to return shocks from climate change and carbon credit indices

Gök, Remzi; Bouri, Elie; Park, Hail - 2026

Proposing a quantile-on-quantile extended joint connectedness (QQ-EJC) framework that combines the quantile-on-quantile connectivity (QQC) and extended-joint connectedness (EJC) models, we examine the vulnerability of eco-friendly assets to return shocks in climate change and carbon credit...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015666464

Spillover dynamics between ESG returns and ethical fixed-income securities amid geopolitical and market volatility

Sutrisno, Bambang; Balli, Faruk; Ridhwan, Masagus M.; … - 2026

By analyzing the connectedness of environmental, social, and governance (ESG)-rated firm returns with green bond, conventional sukuk, and green sukuk markets, this study extends prior work on sustainable and Islamic finance. Using weekly data from April 2020 to December 2024, we find that ESG...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015668240

Bond yield responses to macro news : the role of macro forecast disagreement and monetary policy uncertainty

Hördahl, Peter; Kısacıkoğlu, Burçin; Xia, Fan Dora - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015668409

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Bond yield responses to macro news : the role of macro forecast disagreement and monetary policy uncertainty

Hördahl, Peter; Kısacıkoğlu, Burçin; Xia, Fan Dora - 2026

Book / Working Paper

Green bond vs green stock : which one can resist climate policy uncertainty in China?

Cao, Fangzhi; Su, Chi-Wei; Budría, Santiago; Tao, Ran; … - 2026

This paper applies the time-varying parameter-stochastic volatility-vector auto-regression (TVP-SV-VAR) method to explore the correlations among China's climate policy uncertainty (CPU), green stock (GS), and green bond (GB). The findings evidence dynamic impacts from CPU to the green assets,...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015667640

The impact of currency market shocks on global bond fund returns and volatility

Lü, Zheng; El Khoury, Rim; Jiang, Zhuhua; Ozcelebi, Oguzhan - 2026

This study employs advanced econometric models-TVP-SV-VAR, BEKK-MGARCH, DCC)-MGARCH, and WQR models-to analyse the exchange rate sensitivity of global bond ETFs. It examines four major funds (BNDX, TPINX, MGBIX, and FGBFX) with differing exposures to Samurai, Yankee, and Bulldog bonds. The...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015664879

Jeonse-as-a-sukuk : why is Korea a hidden champion of Islamic finance?

Kang, Hyoung Goo; Bilgin, Mehmet Huseyin; Park, Koeung; … - 2026

This study examines Korea's jeonse (key money or lump-sum deposit) system using the framework of sukuk (Islamic financial certificates), highlighting their shared characteristics as asset-backed financial instruments. Despite having origins in different cultural and legal contexts, both systems...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015664919

How likely do firms go green? : evidence from asset redeployability on green bond issuance

Nguyen, Tam; Zhang, Wenke - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015675298

Green bond market development and stock market reactions in Asia : a descriptive and event-study analysis

Elam, Latansa Izzata Dien; Nardon, Martina - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015670809

The dynamic impact of oil price volatility on China's green bond market : an empirical analysis during economic shocks

Zhao, Xin; Shu, Xin; Zong, Xiaolei; Gatto, Andrea; Lee, … - 2026

The progressive financialization of oil, in tandem with the advancement of economic globalization, has led to a sharp increase in oil prices. The growing volatility in the global economic and financial landscape has had some impact on the green bond market. Emerging markets, such as China, are...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015672099

Green bonds and the energy transition : from instrumental use to intrinsic value

Zhou, Peng; Ding, Wenjie; Mazouz, Khelifa; Jin, Shijie - 2026

Using bibliometric techniques, we classify green bonds literature into three main clusters: (i) asset-pricing research examining green bonds' connectedness with other assets; (ii) corporate-finance studies on the determinants of green bond issuance; and (iii) corporatefinance research on their...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015672854

Market signals and investor behavior in green bond pricing : evidence from China

Deng, Xinyan; Aruga, Kentaka; Zenno, Yoshihiro; Li, Mengge - 2026

This study examines how green bond financing costs in China are jointly shaped by market pricing mechanisms and institutional investor behavior. It develops an integrated two-level framework linking issuance-level bond characteristics with investor decision-making to explain green bond pricing...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015676334

When long-run trends are unknown : bond pricing implications

Ahonon, Borel; Roussellet, Guillaume - 2026

We propose a macro-finance model in which inflation, growth, and the policy rate are driven by unobservable long-run trends and transitory cycles that investors must infer from aggregate data. Their subjective estimates of these trends, and the uncertainty surrounding them, are priced into the...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015618078

A European safe asset? : not without the investors

Bonfanti, Giovanni; Marcucci, Juri - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10016061471

Integrated management of air-quality monitoring processes as a framework for disclosure quality in green bond markets

Nicolici, Venera-Stanca; Adjal, Ahmed; Ionel, Ioana; … - 2026

In the last 10 years, the global green bond market has reached an estimated value of USD 6.8 trillion. However, credibility concerns persist due to greenwashing risks and issues regarding the reporting system. The current measurement, reporting, and verification systems (MRV) have high...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10016061705