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The Green Bond Premium: An Extension with Use of Proceeds

Østerud, Endre; Rasmussen, Anders Sandbraaten
Master thesis
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2287521.pdf (2.231Mb)
Master thesis - Python code.pdf (1.282Mb)
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http://hdl.handle.net/11250/2621881
Utgivelsesdato
2019
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Samlinger
  • Master of Science [1117]
Sammendrag
We compare the yields of green bonds to those of their constructed conventional

twins while controlling for liquidity to address the green bond premium,

defined as the yield differential between a green bond and a conventional twin.

In the period from January 2017 to April 2019, we find that green bonds on

average trade with a negative premium of -1.74 bps. Further, we find that the

use of proceeds labelled energy have a differentiating effect on the premium,

and indications of a premium that converges to zero over time. Implications of

our findings are that there still is a green bond premium present, but, whether

it will persist over time as the market segment matures remains to be a an

unanswered question.
Beskrivelse
Masteroppgave(MSc) in Master of Science in Business, Finance - Handelshøyskolen BI, 2019
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Handelshøyskolen BI

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