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Non-identical twins: Evidence on greenium in the German treasury bond market

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  • De Vincentiis, Paola
  • Abis, Danilo

Abstract

The rapidly growing market for green bonds is capturing much interest from researchers. A relevant question is whether green financing is characterized by higher or lower yields compared to conventional financing. We focus our analysis on the German Treasury bonds market, which – thanks to the so-called ‘twin model’ – offers a perfect environment to observe the phenomenon. We confirm the presence of a statistically significant greenium, even though it is too small to make any relevant difference from a financial point of view. The magnitude of the greenium is associated with the global investor’s attention to environmental and climate topics.

Suggested Citation

  • De Vincentiis, Paola & Abis, Danilo, 2025. "Non-identical twins: Evidence on greenium in the German treasury bond market," Research in International Business and Finance, Elsevier, vol. 79(C).
    • Handle: RePEc:eee:riibaf:v:79:y:2025:i:c:s0275531925003137
    DOI: 10.1016/j.ribaf.2025.103057
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    JEL classification:

    • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading
    • H63 - Public Economics - - National Budget, Deficit, and Debt - - - Debt; Debt Management; Sovereign Debt

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