Financing the Response to Climate Change: The Pricing and Ownership of U.S. Green Bonds

Medientyp: E-Book

Titel: Financing the Response to Climate Change : The Pricing and Ownership of U.S. Green Bonds

Beteiligte: Baker, Malcolm [VerfasserIn]; Bergstresser, Daniel [Sonstige Person, Familie und Körperschaft]; Serafeim, George [Sonstige Person, Familie und Körperschaft]; Wurgler, Jeffrey [Sonstige Person, Familie und Körperschaft]

Körperschaft: National Bureau of Economic Research

Erschienen: Cambridge, Mass: National Bureau of Economic Research, 2018

Umfang: 1 Online-Ressource; illustrations (black and white)

Sprache: Englisch

DOI: 10.3386/w25194

Identifikator:

Reproduktionsnotiz: Hardcopy version available to institutional subscribers

Entstehung:

Anmerkungen: System requirements: Adobe [Acrobat] Reader required for PDF files
Mode of access: World Wide Web

Beschreibung: We study green bonds, which are bonds whose proceeds are used for environmentally sensitive purposes. After an overview of the U.S. corporate and municipal green bonds markets, we study pricing and ownership patterns using a simple framework that incorporates assets with nonpecuniary utility. As predicted, we find that green municipal bonds are issued at a premium to otherwise similar ordinary bonds. We also confirm that green bonds, particularly small or essentially riskless ones, are more closely held than ordinary bonds. These pricing and ownership effects are strongest for bonds that are externally certified as green

Zugangsstatus: Freier Zugang

Nur in Feld suchen:

Zuletzt gesuchte Begriffe: