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Should investors include green bonds in their portfolios? Evidence for the USA and Europe

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Cited by:

  1. Song, Lina & Li, Wenting & Yang, Yandi & Gao, Hongyu & Du, Xinqiang & Jia, Xinlin, 2024. "Understanding the impact of Fintech, and Mineral Resources on Artificial Intelligence currency: A global evidence from QARDL Approach," Resources Policy, Elsevier, vol. 95(C).
  2. Li, Zetong & Cao, Jingjie, 2025. "Enhancing green total factor productivity through corporate social responsibility: The moderating effect of environmental regulations," Finance Research Letters, Elsevier, vol. 71(C).
  3. Lei, Hao & Gao, Renyuan & Ning, Chutong & Sun, Guanglin, 2025. "Green finance and corporate green innovation," Finance Research Letters, Elsevier, vol. 72(C).
  4. Sofia Karagiannopoulou & Nikolaos Sariannidis & Konstantina Ragazou & Ioannis Passas & Alexandros Garefalakis, 2023. "Corporate Social Responsibility: A Business Strategy That Promotes Energy Environmental Transition and Combats Volatility in the Post-Pandemic World," Energies, MDPI, vol. 16(3), pages 1-21, January.
  5. Nakagawa, Kei & Sakemoto, Ryuta, 2024. "Commodity sectors and factor investment strategies," International Review of Financial Analysis, Elsevier, vol. 95(PC).
  6. Feng, Yiqiang & Jin, Xingye & Liu, Zhe & Zhang, Zhanyu, 2025. "Technological links among firms and the peer effect of ESG responsibility performance," Finance Research Letters, Elsevier, vol. 72(C).
  7. Husain, Afzol & Karim, Sitara & Sensoy, Ahmet, 2024. "Financial fusion: Bridging Islamic and Green investments in the European stock market," International Review of Financial Analysis, Elsevier, vol. 94(C).
  8. Jin, Cheng & Lv, Zhiwei & Li, Zengrong & Sun, Kehan, 2023. "Green finance, renewable energy and carbon neutrality in OECD countries," Renewable Energy, Elsevier, vol. 211(C), pages 279-284.
  9. Gaete, Michael & Herrera, Rodrigo, 2023. "Diversification benefits of commodities in portfolio allocation: A dynamic factor copula approach," Journal of Commodity Markets, Elsevier, vol. 32(C).
  10. Qi, Xiaohong & Zhang, Guofu, 2022. "Dynamic connectedness of China’s green bonds and asset classes," The North American Journal of Economics and Finance, Elsevier, vol. 63(C).
  11. Luo, Rui & Chen, Ping & Wang, Yachao, 2024. "Green investment products, consumer behavior, and regional carbon emissions levels," Finance Research Letters, Elsevier, vol. 66(C).
  12. Zhao, Mingguo & Park, Hail, 2024. "Quantile time-frequency spillovers among green bonds, cryptocurrencies, and conventional financial markets," International Review of Financial Analysis, Elsevier, vol. 93(C).
  13. 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).
  14. Wang, Jianzhou & Lv, Mengzheng & Wang, Shuai & Gao, Jialu & Zhao, Yang & Wang, Qiangqiang, 2024. "Can multi-period auto-portfolio systems improve returns? Evidence from Chinese and U.S. stock markets," International Review of Financial Analysis, Elsevier, vol. 95(PB).
  15. Polat, Onur & Gupta, Rangan & Cepni, Oguzhan & Ji, Qiang, 2024. "Can municipal bonds hedge US state-level climate risks?," Finance Research Letters, Elsevier, vol. 67(PB).
  16. Zeng, Hongjun & Abedin, Mohammad Zoynul & Lucey, Brian & Ma, Shenglin, 2025. "Tail risk contagion and multiscale spillovers in the green finance index and large US technology stocks," International Review of Financial Analysis, Elsevier, vol. 97(C).
  17. Vilija Aleknevičien&# & Asta Bendoraityt&#, 2023. "Role of Green Finance in Greening the Economy: Conceptual Approach," Central European Business Review, Prague University of Economics and Business, vol. 2023(2), pages 105-130.
  18. Khalfaoui, Rabeh & Mefteh-Wali, Salma & Dogan, Buhari & Ghosh, Sudeshna, 2023. "Extreme spillover effect of COVID-19 pandemic-related news and cryptocurrencies on green bond markets: A quantile connectedness analysis," International Review of Financial Analysis, Elsevier, vol. 86(C).
  19. Zhang, Jun & Xie, Tangkun & Kong, Xiaoran & Liu, Bo & Zhang, Wenke, 2025. "Can data assets promote green innovation in enterprises?," Finance Research Letters, Elsevier, vol. 72(C).
  20. Flavin, Thomas & Sheenan, Lisa, 2023. "Can Green Bonds be a Safe Haven for Equity Investors?," QBS Working Paper Series 2023/06, Queen's University Belfast, Queen's Business School.
  21. Dong, Zhenlin & Wang, Junzhi, 2024. "Does public data access stimulate the efficiency of corporate green innovation?," Finance Research Letters, Elsevier, vol. 65(C).
  22. Huang, Fei & Ren, Yuheng, 2024. "Harnessing the green frontier: The impact of green finance reform and digitalization on corporate green innovation," Finance Research Letters, Elsevier, vol. 66(C).
  23. Fernandes, Leonardo H.S. & Silva, José W.L. & de Araujo, Fernando H.A. & Tabak, Benjamin M., 2023. "Multifractal cross-correlations between green bonds and financial assets," Finance Research Letters, Elsevier, vol. 53(C).
  24. Hau, Liya & Yang, Xiaomei & Zhang, Yongmin, 2024. "Multiscale quantile dependence between China's green bond and green equity: Fresh evidence from higher-order moment perspective," International Review of Financial Analysis, Elsevier, vol. 95(PB).
  25. Cao, Xiao & Gong, Xiaomin & Gu, Runsheng & Li, Yuhang & Liu, Xinyuan, 2024. "Do regional trusts alleviate bond market risks? Evidence from the Chinese municipal corporate bond pricing," International Review of Financial Analysis, Elsevier, vol. 96(PB).
  26. Andreas Lichtenberger & Joao Paulo Braga & Willi Semmler, 2022. "Green Bonds for the Transition to a Low-Carbon Economy," SCEPA working paper series. 2022-02, Schwartz Center for Economic Policy Analysis (SCEPA), The New School.
  27. Wang, Yao, 2025. "Greenwashing or green evolution: Can transition finance empower green innovation in carbon-intensive enterprise?," International Review of Financial Analysis, Elsevier, vol. 97(C).
  28. Xu, Danyang & Hu, Yang & Corbet, Shaen & Lang, Chunlin, 2024. "Return connectedness of green bonds and financial investment channels in China: Implications for hedging and regulation," Research in International Business and Finance, Elsevier, vol. 70(PA).
  29. Wu, Jiaxi & Wang, Shali & Zhang, Rui & Zhao, Meilin & Sun, Xialing & Qie, Xiaotong & Wang, Yue, 2025. "Measurement of green innovation efficiency in Chinese listed energy-intensive enterprises based on the three stage Super-SBM model," International Review of Economics & Finance, Elsevier, vol. 97(C).
  30. Ben Jabeur, Sami & Gozgor, Giray & Rezgui, Hichem & Mohammed, Kamel Si, 2024. "Dynamic dependence between quantum computing stocks and Bitcoin: Portfolio strategies for a new era of asset classes," International Review of Financial Analysis, Elsevier, vol. 95(PB).
  31. Ma, Li & Li, Danna, 2024. "Would macro policy promote green and low-carbon transformation of energy companies?," International Review of Financial Analysis, Elsevier, vol. 96(PB).
  32. Rongnan Li & Zhuang Liu & Kai Gan, 2024. "Impact of cities’ issuance of green bonds on local firm performance: evidence from China," Operational Research, Springer, vol. 24(3), pages 1-30, September.
  33. Ben Ameur, Hachmi & Ftiti, Zied & Louhichi, Waël & Yousfi, Mohamed, 2024. "Do green investments improve portfolio diversification? Evidence from mean conditional value-at-risk optimization," International Review of Financial Analysis, Elsevier, vol. 94(C).
  34. Yunpeng Sun & Qun Bao & Farhad Taghizadeh-Hesary, 2023. "Green finance, renewable energy development, and climate change: evidence from regions of China," Palgrave Communications, Palgrave Macmillan, vol. 10(1), pages 1-8, December.
  35. Liu, Meihan & Zhao, Jingjie & Liu, Hongtao, 2025. "Digital transformation, employee and executive compensation, and sustained green innovation," International Review of Financial Analysis, Elsevier, vol. 97(C).
  36. Ren, Xiaohang & Li, Wenqi & Li, Yiying, 2024. "Climate risk, digital transformation and corporate green innovation efficiency: Evidence from China," Technological Forecasting and Social Change, Elsevier, vol. 209(C).
  37. Zhao, Yujie & Yang, Yuanyuan & Hua, Min & Chan, Kam C., 2024. "Social credit scoring system and corporate pollution governance: Insights from China's Social Credit System Construction," International Review of Financial Analysis, Elsevier, vol. 96(PB).
  38. Braun, Matias & Marcet, Francisco & Raddatz, Claudio, 2025. "How do ESG firms invest?," International Review of Financial Analysis, Elsevier, vol. 97(C).
  39. Jia, Haibo & Li, Rongnan & Guo, Yuanbo & Zhao, Zi, 2025. "Research on corporate environmental investment behaviour driven by green credit policies," International Review of Financial Analysis, Elsevier, vol. 97(C).
  40. Li, Tianyuan & Chen, Ping, 2024. "Asset allocation combining macro and micro information–Empirical test based on entropy pool model," Finance Research Letters, Elsevier, vol. 64(C).
  41. Liu, Yanqiong & Li, Xiaoling, 2025. "Green finance policies, resource allocation, and corporate social responsibility," Finance Research Letters, Elsevier, vol. 71(C).
  42. Liu, Siyuan & Zhang, Hanwen, 2024. "Governance quality and green growth: New empirical evidence from BRICS," Finance Research Letters, Elsevier, vol. 65(C).
  43. Hooi Hooi Lean & Fabio Pizzutilo & Kimberly Gleason, 2023. "Portfolio performance implications of investment in renewable energy equities: Green versus gray," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 30(6), pages 2990-3005, November.
  44. Li, Lu & Gan, Yufei & Bi, Shuochen & Fu, Haokai, 2025. "Substantive or strategic? Unveiling the green innovation effects of pilot policy promoting the integration of technology and finance," International Review of Financial Analysis, Elsevier, vol. 97(C).
  45. Naqvi, Bushra & Rizvi, Syed Kumail Abbas & Hasnaoui, Amir & Shao, Xuefeng, 2022. "Going beyond sustainability: The diversification benefits of green energy financial products," Energy Economics, Elsevier, vol. 111(C).
  46. Kanamura, Takashi, 2025. "Stochastic behavior of green bond premiums," International Review of Financial Analysis, Elsevier, vol. 97(C).
  47. Owen Davis & Siavash Radpour, 2022. "Older Workers’ Wages Are Growing—But Not Fast Enough," SCEPA publication series. 2022-02, Schwartz Center for Economic Policy Analysis (SCEPA), The New School.
  48. An, Jin & He, Guiqian & Ge, Shilong & Wu, Shanshan, 2025. "The impact of government green subsidies on corporate green innovation," Finance Research Letters, Elsevier, vol. 71(C).
  49. Liu, Fangying & Su, Chi Wei & Tao, Ran & Umar, Muhammad, 2023. "The instability of U.S. economic policy: A hindrance or a stimulus to green financing?," Economic Analysis and Policy, Elsevier, vol. 80(C), pages 33-46.
  50. Qi, Xiangqin & Wu, Xia & Li, Ziwei & Cai, Yinyin, 2025. "Atmospheric environmental resources and corporate green innovation: Blessing or curse of the weather?," International Review of Financial Analysis, Elsevier, vol. 97(C).
  51. Zhang, Liyuan & Luo, Zhenqing & Yu, Xiaoyuan & Yang, Qiming & Wang, Jiancong, 2025. "Economic policy uncertainty and corporate green innovation," International Review of Financial Analysis, Elsevier, vol. 97(C).
  52. Liu, Rongyan & He, Lingyun & Xia, Yufei & Fu, Yating & Chen, Ling, 2023. "Research on the time-varying effects among green finance markets in China: A fresh evidence from multi-frequency scale perspective," The North American Journal of Economics and Finance, Elsevier, vol. 66(C).
  53. Tao, Lizhu & Jiang, Wenting & Ren, Xiaohang, 2024. "Analyzing the green bond index: A novel quantile-based high-dimensional approach," International Review of Financial Analysis, Elsevier, vol. 96(PB).
  54. Wang, Feng & Liu, Jianfang, 2024. "Green bond and corporate environmental investment: The moderating effect of environmental concern," Finance Research Letters, Elsevier, vol. 65(C).
  55. Wang, Pei & Xue, Weixian & Wang, Zhuan, 2024. "Fog and haze control and enterprise green total factor productivity - evidence from China," Finance Research Letters, Elsevier, vol. 65(C).
  56. Zhang, Zeyi & Luo, Xuehua & Du, Jiating & Xu, Baoliang, 2025. "Does green credit accelerate green transformation of heavily polluting enterprises?," International Review of Financial Analysis, Elsevier, vol. 98(C).
  57. Šević, Aleksandar & Nerantzidis, Michail & Tampakoudis, Ioannis & Tzeremes, Panayiotis, 2024. "Sustainability indices nexus: Green economy, ESG, environment and clean energy," International Review of Financial Analysis, Elsevier, vol. 96(PA).
  58. Cai, Xiaotong & Lin, Peiyang & Wang, Rui, 2025. "Intelligent manufacturing and corporate green transformation," International Review of Financial Analysis, Elsevier, vol. 97(C).
  59. Rizvi, Syed Kumail Abbas & Naqvi, Bushra & Mirza, Nawazish & Umar, Muhammad, 2022. "Safe haven properties of green, Islamic, and crypto assets and investor's proclivity towards treasury and gold," Energy Economics, Elsevier, vol. 115(C).
  60. Chi Wei Su & Xin Yue Song & Meng Qin & Oana‐Ramona Lobonţ, 2025. "Green intent or black smoke: Exploring investor sentiment on sustainable development," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 30(2), pages 1856-1872, April.
  61. Wei Su, Chi & Yue Song, Xin & Qin, Meng & Lobonţ, Oana-Ramona & Umar, Muhammad, 2024. "Optimistic or pessimistic: How do investors impact the green bond market?," The North American Journal of Economics and Finance, Elsevier, vol. 74(C).
  62. Han, Lin & Liu, Tingli & Lu, Hongshuo & Zhang, Wenyu, 2025. "Climate risk disclosure, green innovation and enterprise value," Finance Research Letters, Elsevier, vol. 72(C).
  63. Lin, Xudong & Meng, Yiqun & Zhu, Hao, 2024. "Exploring hedging potentials of green bonds against oil price shocks: Evidence from quantile-on-quantile connectedness measures," Finance Research Letters, Elsevier, vol. 65(C).
  64. Andreas Lichtenberger & Joao Paulo Braga & Willi Semmler, 2022. "Green Bonds for the Transition to a Low-Carbon Economy," Econometrics, MDPI, vol. 10(1), pages 1-31, March.
  65. Peng, Changhong & Chen, Dongjing & Jia, Daizheng & Liu, Qiao & Xu, Xin, 2025. "Can green credit policies reduce enterprise risk? Evidence from China," International Review of Financial Analysis, Elsevier, vol. 97(C).
  66. Aloui, Donia & Benkraiem, Ramzi & Guesmi, Khaled & Vigne, Samuel, 2023. "The European Central Bank and green finance: How would the green quantitative easing affect the investors' behavior during times of crisis?," International Review of Financial Analysis, Elsevier, vol. 85(C).
  67. Hu, Haichuan & Jia, Zhenting & Yang, Siyao, 2025. "Exploring FinTech, green finance, and ESG performance across corporate life-cycles," International Review of Financial Analysis, Elsevier, vol. 97(C).
  68. Xu, Peng, 2024. "Testing out-of-sample portfolio performance using second-order stochastic dominance constrained optimization approach," International Review of Financial Analysis, Elsevier, vol. 95(PA).
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