Global S&T Development Trend Analysis Platform of Resources and Environment
DOI | 10.1038/s41558-017-0062-0 |
The changing value of the 'green' label on the US municipal bond market | |
Karpf, Andreas; Mandel, Antoine | |
2018-02-01 | |
发表期刊 | NATURE CLIMATE CHANGE
![]() |
ISSN | 1758-678X |
EISSN | 1758-6798 |
出版年 | 2018 |
卷号 | 8期号:2页码:161-+ |
文章类型 | Article |
语种 | 英语 |
国家 | France |
英文摘要 | Green bonds are seen as a key instrument to unlock climate finance. While their volume has grown steadily in recent years, the impact of the 'green' label on the bond market is poorly understood. Here, we investigate the differences between the yield term structures of green and conventional bonds in the US municipal bond market. We show that, although returns on conventional bonds are on average higher than for green bonds, the differences can largely be explained by the fundamental properties of the bonds. Historically, green bonds have been penalized on the municipal market, being traded at lower prices and higher yields than expected by their credit profiles. In recent years, however, the credit quality of municipal green bonds has increased and the premium turned positive. Green bonds are thus becoming an increasingly attractive investment, with scope to bridge the climate finance gap for mitigation and adaptation. |
领域 | 资源环境 |
收录类别 | SCI-E ; SSCI |
WOS记录号 | WOS:000423842400020 |
WOS关键词 | WAGE DISCRIMINATION ; DECOMPOSITION ; MODELS |
WOS类目 | Environmental Sciences ; Environmental Studies ; Meteorology & Atmospheric Sciences |
WOS研究方向 | Environmental Sciences & Ecology ; Meteorology & Atmospheric Sciences |
引用统计 | |
文献类型 | 期刊论文 |
条目标识符 | http://119.78.100.173/C666/handle/2XK7JSWQ/34152 |
专题 | 资源环境科学 |
作者单位 | Univ Paris, Paris Sch Econ, Paris, France |
推荐引用方式 GB/T 7714 | Karpf, Andreas,Mandel, Antoine. The changing value of the 'green' label on the US municipal bond market[J]. NATURE CLIMATE CHANGE,2018,8(2):161-+. |
APA | Karpf, Andreas,&Mandel, Antoine.(2018).The changing value of the 'green' label on the US municipal bond market.NATURE CLIMATE CHANGE,8(2),161-+. |
MLA | Karpf, Andreas,et al."The changing value of the 'green' label on the US municipal bond market".NATURE CLIMATE CHANGE 8.2(2018):161-+. |
条目包含的文件 | 条目无相关文件。 |
除非特别说明,本系统中所有内容都受版权保护,并保留所有权利。
修改评论