| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w25194 |
| 来源ID | Working Paper 25194 |
| Financing the Response to Climate Change: The Pricing and Ownership of U.S. Green Bonds | |
| Malcolm Baker; Daniel Bergstresser; George Serafeim; Jeffrey Wurgler | |
| 发表日期 | 2018-10-29 |
| 出版年 | 2018 |
| 语种 | 英语 |
| 摘要 | 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. |
| 主题 | Financial Economics ; Portfolio Selection and Asset Pricing ; Environmental and Resource Economics ; Environment |
| URL | https://www.nber.org/papers/w25194 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/582868 |
| 推荐引用方式 GB/T 7714 | Malcolm Baker,Daniel Bergstresser,George Serafeim,et al. Financing the Response to Climate Change: The Pricing and Ownership of U.S. Green Bonds. 2018. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w25194.pdf（358KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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