Greenness ratings and green bond liquidity

IF 6.9 2区经济学 Q1 BUSINESS, FINANCE

Finance Research Letters Pub Date : 2023-07-01 DOI:10.1016/j.frl.2023.103869

Gregor Dorfleitner , Jens Eckberg , Sebastian Utz

引用次数: 2

Abstract

Using a global panel dataset of 3,496 green bonds and conducting regressions, we find a positive relationship between greenness ratings from second-party opinions (SPOs) and green bond liquidity. Green bonds from corporate and municipal issuers with a greenness rating show higher liquidity than green bonds without a greenness rating. For financial institutions and other public issuers besides municipalities, we find no effect of greenness ratings on green bond liquidity.

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绿色评级与绿色债券流动性

使用3496只绿色债券的全球面板数据集并进行回归，我们发现第二方意见的绿色评级（SPO）与绿色债券流动性之间存在正相关关系。具有绿色评级的公司和市政发行人的绿色债券比没有绿色评级的绿色债券显示出更高的流动性。对于金融机构和除市政当局以外的其他公共发行人，我们没有发现绿色评级对绿色债券流动性的影响。

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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