Greenness ratings and green bond liquidity

被引：6
|
作者：
Dorfleitner, Gregor [1 ,2 ]
Eckberg, Jens [1 ]
Utz, Sebastian [3 ,4 ,5 ,6 ]
机构：
[1] Univ Regensburg, Dept Finance, D-93053 Regensburg, Germany
[2] Hanken Sch Econ, Hanken Ctr Accounting Finance & Governance, Helsinki 00100, Finland
[3] Univ Augsburg, Dept Climate Finance, D-86159 Augsburg, Germany
[4] Univ Augsburg, Ctr Climate Resilience, D-86159 Augsburg, Germany
[5] Univ St Gallen, Swiss Inst Banking & Finance, CH-9000 St Gallen, Switzerland
[6] Sustainable Finance Res Platform, D-10117 Berlin, Germany
来源：
FINANCE RESEARCH LETTERS | 2023年 / 55卷
关键词：
Green bonds; Liquidity; External review; Second-party opinion; Shade of green; Climate finance; Impact investing; CORPORATE YIELD SPREADS; PRICES; ASK;
D O I：
10.1016/j.frl.2023.103869
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
Using a global panel dataset of 3,496 green bonds and conducting regressions, we find a positive relationship between greenness ratings from second-party opinions (SPOs) and green bond liquidity. Green bonds from corporate and municipal issuers with a greenness rating show higher liquidity than green bonds without a greenness rating. For financial institutions and other public issuers besides municipalities, we find no effect of greenness ratings on green bond liquidity.
引用
收藏
页数：7
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