Abstract
This paper is a survey of recent academic developments in the literature on green bonds, which have become an important financial instrument in socially responsible investment. This study provides a review of papers that study the market pricing of green bonds, the economic and environmental effects of green bond financing, as well as legal and institutional issues in the green bond market. The literature on market pricing focuses mainly on the existence of greenium, which represents the extent to which green bonds carry a price premium over otherwise identical non-green counterparts. The literature on the economic and environmental effects mainly concerns stock market reaction to green bond issuance and associated economic value implications to other stakeholders, as well as investment in green projects. This paper discusses current issues in the green-bond market and avenues for future research.
| Original language | English |
|---|---|
| Pages (from-to) | 175-189 |
| Number of pages | 15 |
| Journal | Journal of Derivatives and Quantitative Studies: 선물연구 |
| Volume | 28 |
| Issue number | 4 |
| Online published | 2 Nov 2020 |
| DOIs | |
| Publication status | Published - 21 Dec 2020 |
UN SDGs
This output contributes to the following UN Sustainable Development Goals (SDGs)
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SDG 12 Responsible Consumption and Production
Research Keywords
- Corporate social responsibility (CSR)
- Green premium
- ESG
- Sustainable finance
- Green bonds
- Socially responsible investing (SRI)
Publisher's Copyright Statement
- This full text is made available under CC-BY 4.0. https://creativecommons.org/licenses/by/4.0/
Policy Impact
- Cited in Policy Documents
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