Anmerkungen:
Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments Oct 14, 2022 erstellt
Beschreibung:
To understand why investors hold green instruments we analyse the structure of investor demand for green and conventional bonds. Contrary to previous studies, we do not work with surveys or pricing data, but study data from primary market transactions. We analyse investor types in de- tail and identify significant differences in the investor structure of green versus conventional bonds. We show that asset managers are above pro- portion engaged in green bonds. This over-engagement is matched by an under-engagement of banks, while the other investor types do not exhibit a significantly different engagement. Our results quantitatively support the hypothesis that green preferences are driven more by business case motives than by financial or ethical motives and thus contradict classical financial theory. We draw conclusions about the green bond market that are rele- vant for investors, issuers and regulators. Overall, the identified demand differences are capable of explaining a small green premium