Green bonds – Greenium
| Study | Nature | Greenium |
|---|---|---|
| Baker et al. (2018) | Theoretical, empirical | Positive |
| Zerbib (2019) | Empirical | Positive |
| Kapraun and Scheins (2019) | Empirical | Positive for a subset |
| Partridge and Medda (2018) | Empirical | Positive, growing trend |
| Fatica et al. (2020) | Empirical | Positive for a subset |
| Ehlers and Packer (2017) | Empirical | Positive on primary market, zero on secondary market |
| Hachenberg and Schiereck (2018) | Empirical | Positive |
| Gianfrate and Peri (2019) | Empirical | Positive |
| Karpf and Mandel (2017) | Empirical | Negative |
| Bachelet et al. (2019) | Empirical | Negative |
| Larcker and Watts (2019) | Empirical | Zero |
| Reed et al. (2017) | Empirical | Zero |
| Wulandari et al. (2018) | Empirical | Liquidity not a significant driver of greenium |
| Deng et al. (2019) | Empirical | Investors can identify greenwashing |
| Katori (2018) | Empirical | Rated green bonds have longer maturity and bring a lower premium |
| Study | Nature | Greenium |
|---|---|---|
| Theoretical, empirical | Positive | |
| Empirical | Positive | |
| Empirical | Positive for a subset | |
| Empirical | Positive, growing trend | |
| Empirical | Positive for a subset | |
| Empirical | Positive on primary market, zero on secondary market | |
| Empirical | Positive | |
| Empirical | Positive | |
| Empirical | Negative | |
| Empirical | Negative | |
| Empirical | Zero | |
| Empirical | Zero | |
| Empirical | Liquidity not a significant driver of greenium | |
| Empirical | Investors can identify greenwashing | |
| Katori (2018) | Empirical | Rated green bonds have longer maturity and bring a lower premium |
Note:
This table summarizes the main findings pertaining to the green premium in the recent literature
Sharing content requires targeting cookies to be enabled. Please update your cookie preferences to use this feature.