Identification and pricing of labelled green bonds

IF 7.4 2区经济学 Q1 BUSINESS, FINANCE Finance Research Letters Pub Date : 2024-12-26 DOI:10.1016/j.frl.2024.106691

Vikram Singh, Sonali Jain, Shveta Singh

引用次数: 0

Abstract

This paper precisely splits green bonds into ‘externally labelled’ (externally verified for greenness) and ‘internally labelled’ (unverified) instead of ‘self-reported’ and ‘non-self-reported’; and compares at-issuance yields between externally and internally labelled green bonds. We estimate yield differentials through mean difference and linear regression on post-matching samples. The verified green bonds register lower yields than the unverified ones. This implies lower risk in verified green bonds, culminating in interest cost savings to issuers. The cost advantage sustains in alternate samples but vanishes in adverse business scenarios. This paper calls for early regulation of the external labelling market before the cost advantage evaporates.

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标签绿色债券的识别与定价

本文精确地将绿色债券分为“外部标签”（外部验证绿色）和“内部标签”（未经验证），而不是“自我报告”和“非自我报告”；并比较了外部和内部标签绿色债券的发行收益率。我们通过对匹配后样本的均值差和线性回归来估计产量差异。经过验证的绿色债券收益率低于未经验证的绿色债券。这意味着经过验证的绿色债券风险较低，最终为发行人节省了利息成本。成本优势在替代样本中持续存在，但在不利的业务场景中消失。本文呼吁在成本优势消失之前尽早对外部标签市场进行监管。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Finance Research Letters BUSINESS, FINANCE-

CiteScore

11.10

自引率

14.40%

发文量

863

期刊介绍： Finance Research Letters welcomes submissions across all areas of finance, aiming for rapid publication of significant new findings. The journal particularly encourages papers that provide insight into the replicability of established results, examine the cross-national applicability of previous findings, challenge existing methodologies, or demonstrate methodological contingencies. Papers are invited in the following areas: Actuarial studies Alternative investments Asset Pricing Bankruptcy and liquidation Banks and other Depository Institutions Behavioral and experimental finance Bibliometric and Scientometric studies of finance Capital budgeting and corporate investment Capital markets and accounting Capital structure and payout policy Commodities Contagion, crises and interdependence Corporate governance Credit and fixed income markets and instruments Derivatives Emerging markets Energy Finance and Energy Markets Financial Econometrics Financial History Financial intermediation and money markets Financial markets and marketplaces Financial Mathematics and Econophysics Financial Regulation and Law Forecasting Frontier market studies International Finance Market efficiency, event studies Mergers, acquisitions and the market for corporate control Micro Finance Institutions Microstructure Non-bank Financial Institutions Personal Finance Portfolio choice and investing Real estate finance and investing Risk SME, Family and Entrepreneurial Finance