Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/340341 
Year of Publication: 
2022
Citation: 
[Journal:] Borsa İstanbul Review [ISSN:] 2214-8469 [Volume:] 22 [Issue:] 6 [Year:] 2022 [Pages:] 1182-1194
Publisher: 
Elsevier, Amsterdam
Abstract: 
This study compares the yield-to-maturities on green versus brown corporate bonds on their issue dates, after controlling for the market, firm, bond, and currency characteristics of the bonds. Our analyses show that if these characteristics are not addressed, it is possible to find support for the existence of a 'greenium' at a magnitude of about 25 basis points. However, when all yield factors are included in the models, the results change and indicate that issuers do not necessarily enjoy any cost advantage when they issue green bonds, instead of brown bonds. Failure to consider these interactions might lead to biased findings.
Subjects: 
Blended-value investing
Green bonds
Greenium
Impact investing
JEL: 
G11
G12
G41
Persistent Identifier of the first edition: 
Creative Commons License: 
cc-by-nc-nd Logo
Document Type: 
Article
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