Footnote:
Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments December 29, 2022 erstellt
Description:
Merging a sample of matched green-conventional bond pairs with data on their ownership structure, we document that the greenium (the yield differential between green and conventional bonds) is largely borne by banks, investment funds, pension funds, insurances and their clients. Strikingly, while investment funds and pension funds pay the greenium largely due to their clients' general green preference, banks display no such pattern. Rather, banks overweight certain bonds that display a sizeable greenium, pointing towards an interaction between the greenium and bank-specific financial frictions. Overall, our findings shed light on the question who finances the green transition and who ultimately pays the costs arising from greening investment portfolios