Dorfleitner, Gregor and Eckberg, Jens and Utz, Sebastian (2023) Greenness ratings and green bond liquidity. FINANCE RESEARCH LETTERS, 55: 103869. ISSN 1544-6123, 1544-6131
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Using a global panel dataset of 3,496 green bonds and conducting regressions, we find a positive relationship between greenness ratings from second-party opinions (SPOs) and green bond liquidity. Green bonds from corporate and municipal issuers with a greenness rating show higher liquidity than green bonds without a greenness rating. For financial institutions and other public issuers besides municipalities, we find no effect of greenness ratings on green bond liquidity.
| Item Type: | Article |
|---|---|
| Uncontrolled Keywords: | CORPORATE YIELD SPREADS; PRICES; ASK; Green bonds; Liquidity; External review; Second-party opinion; Shade of green; Climate finance; Impact investing |
| Subjects: | 300 Social sciences > 330 Economics |
| Divisions: | Business, Economics and Information Systems > Institut für Betriebswirtschaftslehre Business, Economics and Information Systems > Institut für Betriebswirtschaftslehre > Lehrstuhl für Finanzierung (Prof. Dr. Gregor Dorfleitner) |
| Depositing User: | Dr. Gernot Deinzer |
| Date Deposited: | 31 Jan 2024 10:55 |
| Last Modified: | 31 Jan 2024 10:55 |
| URI: | https://pred.uni-regensburg.de/id/eprint/60336 |
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