危机时期的可持续投资：债券持有量和 COVID-19 大流行病的证据

IF 3.6 2区经济学 Q1 BUSINESS, FINANCE

Journal of Banking & Finance Pub Date : 2024-06-01 DOI:10.1016/j.jbankfin.2024.107238

Serena Fatica , Roberto Panzica

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引用次数: 0

摘要

我们通过机构投资者的持有量来研究绿色债券对 COVID-19 冲击的抵御能力。我们发现，无论是在正常时期还是在 COVID 危机期间，绿色标签对债券持有量都有积极影响。此外，在大流行病爆发期间，绿色债券的净销售额平均低于同等的传统债券，而在正常时期则没有出现显著差异。这些结果适用于不同的投资者类别，包括面临大量资金外流的共同基金，而且不受发行人基本面的影响。我们还发现，绿色固定收益证券的所有权比可比的传统债券更为集中，而且这种集中度在 2020 年第一季度有所上升。

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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Sustainable investing in times of crisis: Evidence from bond holdings and the COVID-19 pandemic

We examine the resilience of green bonds to the COVID-19 shock through the lens of institutional investors’ holdings. We show that the green label has a positive impact on bond holdings both in normal times and during the COVID crisis. Moreover, during the pandemic outbreak, green bonds experienced lower net sales, on average, than equivalent conventional bonds, while no significant differences emerge in normal times. The results hold across different investor classes, including mutual funds exposed to large outflows, and are not driven by issuers’ fundamentals. We also document that the ownership of green fixed income securities is more concentrated than that of comparable conventional bonds, and that concentration has increased in the first quarter of 2020.

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来源期刊

Journal of Banking & Finance Multiple-

CiteScore

6.40

自引率

5.40%

发文量

262

期刊介绍： The Journal of Banking and Finance (JBF) publishes theoretical and empirical research papers spanning all the major research fields in finance and banking. The aim of the Journal of Banking and Finance is to provide an outlet for the increasing flow of scholarly research concerning financial institutions and the money and capital markets within which they function. The Journal''s emphasis is on theoretical developments and their implementation, empirical, applied, and policy-oriented research in banking and other domestic and international financial institutions and markets. The Journal''s purpose is to improve communications between, and within, the academic and other research communities and policymakers and operational decision makers at financial institutions - private and public, national and international, and their regulators. The Journal is one of the largest Finance journals, with approximately 1500 new submissions per year, mainly in the following areas: Asset Management; Asset Pricing; Banking (Efficiency, Regulation, Risk Management, Solvency); Behavioural Finance; Capital Structure; Corporate Finance; Corporate Governance; Derivative Pricing and Hedging; Distribution Forecasting with Financial Applications; Entrepreneurial Finance; Empirical Finance; Financial Economics; Financial Markets (Alternative, Bonds, Currency, Commodity, Derivatives, Equity, Energy, Real Estate); FinTech; Fund Management; General Equilibrium Models; High-Frequency Trading; Intermediation; International Finance; Hedge Funds; Investments; Liquidity; Market Efficiency; Market Microstructure; Mergers and Acquisitions; Networks; Performance Analysis; Political Risk; Portfolio Optimization; Regulation of Financial Markets and Institutions; Risk Management and Analysis; Systemic Risk; Term Structure Models; Venture Capital.