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The price of going green: the role of greenness in green bond markets

Citations

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  1. Silva, Florinda & Ferreira, André & Cortez, Maria Céu, 2024. "The performance of green bond portfolios under climate uncertainty: A comparative analysis with conventional and black bond portfolios," Research in International Business and Finance, Elsevier, vol. 70(PA).
  2. Huang, Chih-Yueh & Dekker, David & Christopoulos, Dimitrios, 2023. "Rethinking greenium: A quadratic function of yield spread," Finance Research Letters, Elsevier, vol. 54(C).
  3. Fu, Yating & He, Lingyun & Liu, Rongyan & Liu, Xiaowei & Chen, Ling, 2024. "Does heterogeneous media sentiment matter the ‘green premium’? An empirical evidence from the Chinese bond market," International Review of Economics & Finance, Elsevier, vol. 92(C), pages 1016-1027.
  4. Ruan, Qingsong & Li, Chengyu & Lv, Dayong & Wei, Xiaokun, 2025. "Going Green: Effect of green bond issuance on corporate debt financing costs," The North American Journal of Economics and Finance, Elsevier, vol. 75(PA).
  5. Caleb Debrah & Albert Ping Chuen Chan & Amos Darko & Robert J. Ries & Eric Ohene & Mershack Opoku Tetteh, 2024. "Driving factors for the adoption of green finance in green building for sustainable development in developing countries: The case of Ghana," Sustainable Development, John Wiley & Sons, Ltd., vol. 32(6), pages 6286-6307, December.
  6. Juan Camilo Mejía-Escobar & Juan David González-Ruiz & Giovanni Franco-Sepúlveda, 2021. "Current State and Development of Green Bonds Market in the Latin America and the Caribbean," Sustainability, MDPI, vol. 13(19), pages 1-25, September.
  7. Diana Pop & Caroline Marie-Jeanne & Régis Dumoulin, 2023. "Socialium or the Financial Price of Social Responsibility [« Socialium » ou le prix financier de la responsabilité sociale]," Post-Print hal-04120305, HAL.
  8. Jun Lian & Xuanshun Huang & Xia Wu, 2024. "How green bonds promote firms' green collaborative innovation?," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 31(3), pages 2109-2126, May.
  9. Bi, Shenghao & Appolloni, Andrea & Zhang, Wanying & Yan, Zhenjun & Du, Jiang, 2026. "Impact of green bond issuance on energy intensity: Evidence from new energy enterprises," Research in International Business and Finance, Elsevier, vol. 83(C).
  10. Kang, Sang Baum & Sinha, Satwik & Eom, Jiyong, 2025. "Green dreams, risky assets? A study of high-yield green bonds," Global Finance Journal, Elsevier, vol. 67(C).
  11. Abhilash & Sandeep S. Shenoy & Dasharathraj K. Shetty & Lumen Shawn Lobo & Subrahmanya Kumar N., 2023. "Green Bond as an Innovative Financial Instrument in the Indian Financial Market: Insights From Systematic Literature Review Approach," SAGE Open, , vol. 13(2), pages 21582440231, June.
  12. Chung, Kenneth Hsien Yung & Li, Dan & Adriaens, Peter, 2023. "Technology-enabled financing of sustainable infrastructure: A case for blockchains and decentralized oracle networks," Technological Forecasting and Social Change, Elsevier, vol. 187(C).
  13. Keum, Byounguk, 2025. "Do Stricter Green Standards Bring Higher Greenium? Evidence from Korea," Finance Research Letters, Elsevier, vol. 85(PE).
  14. Mingyu Hu & Xinyin Zhang & Yeyu Zhang, 2025. "The spillover effect of green bond issuance on corporate financial performances: evidence from China," Review of Quantitative Finance and Accounting, Springer, vol. 64(4), pages 1567-1593, May.
  15. Suk Hyun & Donghyun Park & Shu Tian, 2023. "The price of frequent issuance: the value of information in the green bond market," Economic Change and Restructuring, Springer, vol. 56(5), pages 3041-3063, October.
  16. Kanamura, Takashi, 2021. "Risk Mitigation and Return Resilience for High Yield Bond ETFs with ESG Components," Finance Research Letters, Elsevier, vol. 41(C).
  17. Cotugno, Matteo & Fiorillo, Paolo & Monferrà, Stefano & Severini, Sabrina, 2025. "ESG incidents and corporate green bond market reaction," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 102(C).
  18. Beatrice Bertelli & Gianna Boero & Costanza Torricelli, 2025. "The market price of greenness: a factor pricing approach for green and conventional bonds," Annals of Finance, Springer, vol. 21(3), pages 317-350, September.
  19. Alessi, Lucia & Battiston, Stefano, 2022. "Two sides of the same coin: Green Taxonomy alignment versus transition risk in financial portfolios," International Review of Financial Analysis, Elsevier, vol. 84(C).
  20. Dekker, David & Huang, Chih-Yueh & Christopoulos, Dimitrios, 2025. "Price of greenness: Classifications and green bond premiums," The Quarterly Review of Economics and Finance, Elsevier, vol. 104(C).
  21. Khanchel, Imen & Lassoued, Naima & Khiari, Cyrine & Khan, Sana-Akbar, 2025. "Carbon efficiency and green bonds: The institutional investors’ green touch," Research in International Business and Finance, Elsevier, vol. 77(PB).
  22. Zhen Sun & Jianfen Feng & Rongxi Zhou & Yue Yu & Yaojian Deng, 2022. "Can Labeled Green Bonds Reduce Financing Cost in China?," Sustainability, MDPI, vol. 14(20), pages 1-14, October.
  23. Mercédesz Mészáros & Máté Csiki & Gábor Dávid Kiss, 2023. "The Volatility of Green and Non-green Sovereign Bonds on the Emerging EU Markets," European Financial and Accounting Journal, Prague University of Economics and Business, vol. 2023(1), pages 25-44.
  24. Hinsche, Isabelle Cathérine, 2021. "A greenium for the next generation EU green bonds: Analysis of a potential green bond premium and its drivers," CFS Working Paper Series 663, Center for Financial Studies (CFS).
  25. Qianjing Zhu & Xianglian Zhao & Meihua Wu, 2024. "Third-party certification: how to effectively prevent greenwash in green bond market? –analysis based on signalling game," Environment, Development and Sustainability: A Multidisciplinary Approach to the Theory and Practice of Sustainable Development, Springer, vol. 26(6), pages 16173-16199, June.
  26. Intonti, Mariantonietta & De Leonardis, Matteo & Bussoli, Candida, 2025. "What drives the Social Bond Premium? Evidence from certification and use of proceeds analysis," Research in International Business and Finance, Elsevier, vol. 77(PB).
  27. Zhixuan Lai & Gaoxiang Lou & Linsen Yin & Haicheng Ma & Xuechen Tu, 2025. "Supply chain green strategy considering manufacturers’ financial constraints: how to manage the risk of green supply chain financing," Annals of Operations Research, Springer, vol. 348(2), pages 1037-1068, May.
  28. Samuel Mutarindwa & Dorothea Schäfer & Andreas Stephan, 2024. "Certification against greenwashing in nascent bond markets: lessons from African ESG bonds," Eurasian Economic Review, Springer;Eurasia Business and Economics Society, vol. 14(1), pages 149-173, March.
  29. Annarita Colasante & Andrea Morone & Piergiuseppe Morone, 2024. "The importance of the Greenium: experimental evidence on the role of certifications," Eurasian Economic Review, Springer;Eurasia Business and Economics Society, vol. 14(1), pages 121-148, March.
  30. Gao, Yihong & Gao, Jiayan & Li, Haili, 2024. "Green credit regulation and market efficiency: A perspective of irrational trading," Economic Analysis and Policy, Elsevier, vol. 82(C), pages 199-219.
  31. Kanamura, Takashi, 2020. "Are green bonds environmentally friendly and good performing assets?," Energy Economics, Elsevier, vol. 88(C).
  32. Kanamura, Takashi, 2025. "A quantitative model of sustainability risk in finance," Journal of Commodity Markets, Elsevier, vol. 37(C).
  33. Karel Janda & Binyi Zhang, 2021. "Attractiveness of Chinese Bonds Financing Climate and Environmental Projects," FFA Working Papers 4.007, Prague University of Economics and Business, revised 26 Apr 2022.
  34. Ayman Abdalmajeed Alsmadi & Manaf Al-Okaily & Najed Alrawashdeh & Anwar Al-Gasaymeh & Amer Moh’d Al-hazimeh & Abdulrasheed Zakari, 2023. "A Bibliometric Analysis of Green Bonds and Sustainable Green Energy: Evidence from the Last Fifteen Years (2007–2022)," Sustainability, MDPI, vol. 15(7), pages 1-16, March.
  35. Giuseppe Cortellini & Ida Claudia Panetta, 2021. "Green Bond: A Systematic Literature Review for Future Research Agendas," JRFM, MDPI, vol. 14(12), pages 1-29, December.
  36. Valentina Cioli & Lorenzo Andrea Colonna & Alessandro Giannozzi & Oliviero Roggi, 2023. "Corporate Green Bond and Stock Price Reaction," International Journal of Business and Management, Canadian Center of Science and Education, vol. 16(4), pages 1-75, February.
  37. Berdiev, Urol, 2025. "What shapes greenium in bond markets? Evidence from Japan," Economic Modelling, Elsevier, vol. 151(C).
  38. Kanamura, Takashi, 2025. "Stochastic behavior of green bond premiums," International Review of Financial Analysis, Elsevier, vol. 97(C).
  39. Rongnan Li & Zhongfei Li & Kexin Hu & Kai Gan, 2024. "The spillover effects of green bond issuance: a study based on Chinese firms’ stock price synchronicity," Economic Change and Restructuring, Springer, vol. 57(1), pages 1-41, February.
  40. Hyun, Suk & Park, Donghyun & Tian, Shu, 2021. "Pricing of Green Labeling: A Comparison of Labeled and Unlabeled Green Bonds," Finance Research Letters, Elsevier, vol. 41(C).
  41. Simeth, Nagihan, 2022. "The value of external reviews in the secondary green bond market," Finance Research Letters, Elsevier, vol. 46(PA).
  42. Ghitti, Marco & Gianfrate, Gianfranco & Lopez-de-Silanes, Florencio & Spinelli, Marco, 2025. "What’s in a shade? The market relevance of green bonds’ external reviews," The British Accounting Review, Elsevier, vol. 57(5).
  43. Li, Quan & Zhang, Kai & Wang, Li, 2022. "Where's the green bond premium? Evidence from China," Finance Research Letters, Elsevier, vol. 48(C).
  44. Xiru Li & Bo Zhu & Yufei Zhang, 2024. "Greenium of green securitization: Does external certification matter?," PLOS ONE, Public Library of Science, vol. 19(8), pages 1-27, August.
  45. Jiang, Kangqi & Chen, Zhongfei & Chen, Fanglin, 2022. "Green creates value: Evidence from China," Journal of Asian Economics, Elsevier, vol. 78(C).
  46. He, Ling & Dai, Peng-Fei & Hu, Shiyang & Gan, Shengdao, 2024. "Do green bond issuers walk the talk? Exploring the alignment between green bond issuance and subsequent green investment," International Review of Economics & Finance, Elsevier, vol. 94(C).
  47. Liu, Sufang & Li, Shengquan, 2024. "Corporate green bond issuance and high-quality corporate development," Finance Research Letters, Elsevier, vol. 61(C).
  48. Ayaydın Hacıömeroğlu, Hande & Danışoğlu, Seza & Güner, Z. Nuray & Şahin, Baki Cem, 2026. "Here's the Greenium eclipsed by market-wide illiquidity in the municipal bond market," International Review of Financial Analysis, Elsevier, vol. 109(C).
  49. Shivam Azad & S L Tulasi Devi & Anand Kumar Mishra, 2024. "Investing in our planet: Examining retail investors' preference for green bond investment," Business Strategy and the Environment, Wiley Blackwell, vol. 33(6), pages 5151-5173, September.
  50. Ban, Nannan & Che, Xinxin & Walker, Thomas & Zhao, Yunfei, 2025. "Does green bond issuance affect firm value? Evidence from China," Global Finance Journal, Elsevier, vol. 66(C).
  51. Jankovic, Irena & Vasic, Vladimir & Kovacevic, Vlado, 2022. "Does transparency matter? Evidence from panel analysis of the EU government green bonds," Energy Economics, Elsevier, vol. 114(C).
  52. Hewa, Samindi Ishara & Mala, Rajni & Chen, Jinhua & Dumay, John, 2025. "Climate related disclosures and investor behaviour: An Australian study," Advances in accounting, Elsevier, vol. 68(C).
  53. Anne‐Marie Anderson & Richard Kish, 2024. "Rewarding performance through sustainability‐linked bonds," Economic Affairs, Wiley Blackwell, vol. 44(2), pages 294-319, June.
  54. Li, Yanxi & Yu, Conghui & Shi, Jinyan & Liu, Yuanyuan, 2023. "How does green bond issuance affect total factor productivity? Evidence from Chinese listed enterprises," Energy Economics, Elsevier, vol. 123(C).
  55. Chaoxi Liang & Xiaoming Ma & Xiawei Liao, 2025. "Unveiling Investor Motivation and Trust in Impact Investing: Evidence from Global Green Bond Issuances," Journal of Business Ethics, Springer, vol. 200(2), pages 445-468, August.
  56. Roman Kräussl & Tobi Oladiran & Denitsa Stefanova, 2024. "A review on ESG investing: Investors’ expectations, beliefs and perceptions," Journal of Economic Surveys, Wiley Blackwell, vol. 38(2), pages 476-502, April.
  57. Lin, Boqiang & Su, Tong, 2022. "Green bond vs conventional bond: Outline the rationale behind issuance choices in China," International Review of Financial Analysis, Elsevier, vol. 81(C).
  58. Ana-Belén Alonso-Conde & Javier Rojo-Suárez, 2020. "On the Effect of Green Bonds on the Profitability and Credit Quality of Project Financing," Sustainability, MDPI, vol. 12(16), pages 1-19, August.
  59. Alessandra Ortolano & Eugenia Nissi, 2022. "The Volatility of the “Green” Option-Adjusted Spread: Evidence before and during the Pandemic Period," Risks, MDPI, vol. 10(3), pages 1-13, February.
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