Identification and pricing of labelled green bonds

IF 7.4 2区经济学 Q1 BUSINESS, FINANCE

Finance Research Letters Pub Date : 2024-12-26 DOI:10.1016/j.frl.2024.106691

Vikram Singh , Sonali Jain , Shveta Singh

引用次数: 0

Abstract

This paper precisely splits green bonds into ‘externally labelled’ (externally verified for greenness) and ‘internally labelled’ (unverified) instead of ‘self-reported’ and ‘non-self-reported’; and compares at-issuance yields between externally and internally labelled green bonds. We estimate yield differentials through mean difference and linear regression on post-matching samples. The verified green bonds register lower yields than the unverified ones. This implies lower risk in verified green bonds, culminating in interest cost savings to issuers. The cost advantage sustains in alternate samples but vanishes in adverse business scenarios. This paper calls for early regulation of the external labelling market before the cost advantage evaporates.

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标签绿色债券的识别与定价

本文精确地将绿色债券分为“外部标签”（外部验证绿色）和“内部标签”（未经验证），而不是“自我报告”和“非自我报告”；并比较了外部和内部标签绿色债券的发行收益率。我们通过对匹配后样本的均值差和线性回归来估计产量差异。经过验证的绿色债券收益率低于未经验证的绿色债券。这意味着经过验证的绿色债券风险较低，最终为发行人节省了利息成本。成本优势在替代样本中持续存在，但在不利的业务场景中消失。本文呼吁在成本优势消失之前尽早对外部标签市场进行监管。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Finance Research Letters BUSINESS, FINANCE-

CiteScore

11.10

自引率

14.40%

发文量

863

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