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Financing the Response to Climate Change: The Pricing and Ownership of U.S. Green Bonds / Malcolm Baker, Daniel Bergstresser, George Serafeim, Jeffrey Wurgler.
- Format:
- Book
- Author/Creator:
- Baker, Malcolm.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w25194.
- NBER working paper series no. w25194
- Language:
- English
- Physical Description:
- 1 online resource: illustrations (black and white);
- Other Title:
- Financing the Response to Climate Change
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 2018.
- Summary:
- 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.
- Notes:
- Print version record
- October 2018.
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