Are green bonds priced differently from conventional bonds?

By Britta Hachenberg, Dirk Schiereck. Journal of Asset Management, 2018

412 citations recorded by the source corpus.

Subfields: Economics and Econometrics, Finance

View Paper: https://www.semanticscholar.org/paper/d47a4369faf96ea3a0f0a020e93d61e0afa624db

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Citations in the corpus

Can Sustainable Investing Save the World? Reviewing the Mechanisms of Investor Impact (2020, background): “Hachenberg and Schiereck (2018) too, confirm that green bonds are traded with a negative yield premium, while Tang and Zhang (2018) do not find evidence of such a premium.”
The pricing of green bonds: Are financial institutions special? (2019, background): “In the secondary market, Hachenberg and Schiereck (2018) find only limited evidence that green bonds are priced in a significantly different way compared to similar ordinary bonds.”
The Green Bonds Premium Puzzle: The Role of Issuer Characteristics and Third-Party Verification (2019, background): “Hachenberg and Schiereck [5] reported that green bonds rated AA-BBB trade tighter with respect to their similar non-labelled bond as well as financial and corporate green bonds, whereas government green bonds trade marginally wider.”
Analyzing the Characteristics of Green Bond Markets to Facilitate Green Finance in the Post-COVID-19 World (2021, methodology): “The coupon rate, issued size, and maturity are often used in studies tackling the existence of the green premium, as they are essential components for matching green and brown bonds [11,22] or as control variables in regression [8,23,24].”
Green bonds for the Paris agreement and sustainable development goals (2019, result): “Both of these studies fall within a growing literature base which finds negative premiums among GBP-aligned green bonds (Preclaw and Bakshi 2015, Ehlers and Packer 2017, Hachenberg and Schiereck 2018), similarly suggesting investors are willing to hold green bonds at a premium.”
Green Bonds, Corporate Performance, and Corporate Social Responsibility (2019, background): “Various scholars have begun to study the definitions and standards [8], issuance and pricing [9,10], and risks and returns [11,12] of green bonds.”
The pricing of green bonds: external reviews and the shades of green (2020, neutral): “Hachenberg and Schiereck (2018) and Zerbib (2019) show that basic bond features such as the credit rating and issuer type influence the green bond premium.”
What Future for the Green Bond Market? How Can Policymakers, Companies, and Investors Unlock the Potential of the Green Bond Market? (2020, neutral): “Some studies argue for significant price differences between green and similar ordinary bonds (Hachenberg and Schiereck 2018) or a moderate green bond premium (Zerbib 2018); others support a negative yield gap for ordinary bonds (Fatica and Panzica 2019).”