异卵双胞胎：德国国债市场的证据

IF 6.9 2区经济学 Q1 BUSINESS, FINANCE

Research in International Business and Finance Pub Date : 2025-07-01 DOI:10.1016/j.ribaf.2025.103057

Paola De Vincentiis, Danilo Abis

{"title":"异卵双胞胎：德国国债市场的证据","authors":"Paola De Vincentiis, Danilo Abis","doi":"10.1016/j.ribaf.2025.103057","DOIUrl":null,"url":null,"abstract":"<div><div>The rapidly growing market for green bonds is capturing much interest from researchers. A relevant question is whether green financing is characterized by higher or lower yields compared to conventional financing. We focus our analysis on the German Treasury bonds market, which – thanks to the so-called ‘twin model’ – offers a perfect environment to observe the phenomenon. We confirm the presence of a statistically significant greenium, even though it is too small to make any relevant difference from a financial point of view. The magnitude of the greenium is associated with the global investor’s attention to environmental and climate topics.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"79 ","pages":"Article 103057"},"PeriodicalIF":6.9000,"publicationDate":"2025-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"Non-identical twins: Evidence on greenium in the German treasury bond market\",\"authors\":\"Paola De Vincentiis, Danilo Abis\",\"doi\":\"10.1016/j.ribaf.2025.103057\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<div><div>The rapidly growing market for green bonds is capturing much interest from researchers. A relevant question is whether green financing is characterized by higher or lower yields compared to conventional financing. We focus our analysis on the German Treasury bonds market, which – thanks to the so-called ‘twin model’ – offers a perfect environment to observe the phenomenon. We confirm the presence of a statistically significant greenium, even though it is too small to make any relevant difference from a financial point of view. The magnitude of the greenium is associated with the global investor’s attention to environmental and climate topics.</div></div>\",\"PeriodicalId\":51430,\"journal\":{\"name\":\"Research in International Business and Finance\",\"volume\":\"79 \",\"pages\":\"Article 103057\"},\"PeriodicalIF\":6.9000,\"publicationDate\":\"2025-07-01\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Research in International Business and Finance\",\"FirstCategoryId\":\"96\",\"ListUrlMain\":\"https://www.sciencedirect.com/science/article/pii/S0275531925003137\",\"RegionNum\":2,\"RegionCategory\":\"经济学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q1\",\"JCRName\":\"BUSINESS, FINANCE\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Research in International Business and Finance","FirstCategoryId":"96","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S0275531925003137","RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}

引用次数: 0

摘要

快速增长的绿色债券市场引起了研究人员的极大兴趣。一个相关的问题是，与传统融资相比，绿色融资的特点是收益率更高还是更低。我们的分析重点是德国国债市场，由于所谓的“孪生模型”，德国国债市场为观察这一现象提供了一个完美的环境。我们确认了统计上显著的greenium的存在，即使它太小，从财务角度来看不会产生任何相关的差异。全球投资者对环境和气候问题的关注程度与“绿化带”的规模有关。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

查看原文本刊更多论文

Non-identical twins: Evidence on greenium in the German treasury bond market

The rapidly growing market for green bonds is capturing much interest from researchers. A relevant question is whether green financing is characterized by higher or lower yields compared to conventional financing. We focus our analysis on the German Treasury bonds market, which – thanks to the so-called ‘twin model’ – offers a perfect environment to observe the phenomenon. We confirm the presence of a statistically significant greenium, even though it is too small to make any relevant difference from a financial point of view. The magnitude of the greenium is associated with the global investor’s attention to environmental and climate topics.

求助全文

通过发布文献求助，成功后即可免费获取论文全文。去求助

来源期刊

Research in International Business and Finance BUSINESS, FINANCE-

CiteScore

11.20

自引率

9.20%

发文量

240

期刊介绍： Research in International Business and Finance (RIBAF) seeks to consolidate its position as a premier scholarly vehicle of academic finance. The Journal publishes high quality, insightful, well-written papers that explore current and new issues in international finance. Papers that foster dialogue, innovation, and intellectual risk-taking in financial studies; as well as shed light on the interaction between finance and broader societal concerns are particularly appreciated. The Journal welcomes submissions that seek to expand the boundaries of academic finance and otherwise challenge the discipline. Papers studying finance using a variety of methodologies; as well as interdisciplinary studies will be considered for publication. Papers that examine topical issues using extensive international data sets are welcome. Single-country studies can also be considered for publication provided that they develop novel methodological and theoretical approaches or fall within the Journal''s priority themes. It is especially important that single-country studies communicate to the reader why the particular chosen country is especially relevant to the issue being investigated. [...] The scope of topics that are most interesting to RIBAF readers include the following: -Financial markets and institutions -Financial practices and sustainability -The impact of national culture on finance -The impact of formal and informal institutions on finance -Privatizations, public financing, and nonprofit issues in finance -Interdisciplinary financial studies -Finance and international development -International financial crises and regulation -Financialization studies -International financial integration and architecture -Behavioral aspects in finance -Consumer finance -Methodologies and conceptualization issues related to finance