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...

We provide empirical evidence that the pricing of green bonds tends to be highly sophisticated and based on a two-tiered approach. When buying a green bond, investors do not look only at the presence of a green label, but also consider additional characteristics of the bond that involve the...

Theory suggests that corporate and sovereign bonds are fundamentally different, also because sovereign debt has no bankruptcy mechanism and is hard to enforce. We show empirically that the two assets are more similar than you think, at least when it comes to high-yield bonds over the past 20...

Theory suggests that corporate and sovereign bonds are fundamentally different, also because sovereign debt has no bankruptcy mechanism and is hard to enforce. We show empirically that the two assets are more similar than you think, at least when it comes to high-yield bonds over the past 20...

Climate-linked bonds, issued by governments and supranational organizations, are pivotal in advancing towards a net-zero economy. These bonds adjust their payoffs based on climate variables such as average temperature and greenhouse gas emissions, providing investors a hedge against long-term...

Based on firm-level data of Japanese listed companies for the period of 2013-2022, this study conducts an empirical analysis to investigate how the issuance of green bonds influences corporate environmental and financial performance. The results show that the green bond issuance demonstrates a...

Based on data from Chinese corporate bonds issued between 2014 and 2023, this study examines how ESG rating disagreement affects credit spreads. The results indicate that such disagreement significantly increases spreads through financial risk and information asymmetry channels, though this...

This study investigates the challenges impeding the development of an effective green bond market in Vietnam and evaluates its potential to support the country's transition from carbon-intensive industries to a greener economy, in line with its climate commitments.This study uses a qualitative...

Amazonia, the world's largest tropical rainforest region, plays a critical role in global bio-diversity, climate regulation, and sustaining the livelihoods of millions of people, including Indigenous peoples (IP), Afro-descendants (AD), and traditional communities (TC). It faces several complex...

This study examines the sources of capital for sustainable development and investigates the existence of a green bond premium in both primary and secondary bond markets across the Asia-Pacific and European regions. Utilizing the robust Coarsened Exact Matching (CEM) method in conjunction with...

Central banks increasingly act as market-makers-of-last-resort, yet the impact and exit of such interventions remain poorly understood. Using euro-area data, we analyze the cycle of market freeze, intervention, and exit in short-term debt markets. A run on money market funds (MMFs) triggered a...

Purpose This study investigates the influence of trading mechanisms on cross-market integration between stocks and corporate bonds on the Tel Aviv Stock Exchange (TASE) during the COVID-19 crisis. Unlike the worldwide practice of trading corporate bonds on an over-the-counter (OTC) market, TASE...