气候问题、重大事件和绿色偏好

IF 1.8 4区经济学 Q2 ECONOMICS

Economics Letters Pub Date : 2025-08-09 DOI:10.1016/j.econlet.2025.112534

Maxime Merli , Joël Petey , Tristan Roger

{"title":"气候问题、重大事件和绿色偏好","authors":"Maxime Merli , Joël Petey , Tristan Roger","doi":"10.1016/j.econlet.2025.112534","DOIUrl":null,"url":null,"abstract":"<div><div>This paper examines how climate concerns and climate-related events influence investor preferences for sustainable assets by analyzing the dynamics of greenium, defined as the yield discount on labeled green bonds under strict matching conditions. Using daily data from 2017 to 2023 for USD and Euro denominated bonds, and controlling for liquidity, yield curve slope, and volatility, we find that the greenium is modest on average. However, it responds significantly to shifts in climate-related attention and climate events. The latter effect is found only in European markets. Decomposing climate concerns variations into positive and negative components reveals a reversible response, raising concerns about the stability of green preferences as a long-term funding channel.</div></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"255 ","pages":"Article 112534"},"PeriodicalIF":1.8000,"publicationDate":"2025-08-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"Climate concerns, salient events, and green preferences\",\"authors\":\"Maxime Merli , Joël Petey , Tristan Roger\",\"doi\":\"10.1016/j.econlet.2025.112534\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<div><div>This paper examines how climate concerns and climate-related events influence investor preferences for sustainable assets by analyzing the dynamics of greenium, defined as the yield discount on labeled green bonds under strict matching conditions. Using daily data from 2017 to 2023 for USD and Euro denominated bonds, and controlling for liquidity, yield curve slope, and volatility, we find that the greenium is modest on average. However, it responds significantly to shifts in climate-related attention and climate events. The latter effect is found only in European markets. Decomposing climate concerns variations into positive and negative components reveals a reversible response, raising concerns about the stability of green preferences as a long-term funding channel.</div></div>\",\"PeriodicalId\":11468,\"journal\":{\"name\":\"Economics Letters\",\"volume\":\"255 \",\"pages\":\"Article 112534\"},\"PeriodicalIF\":1.8000,\"publicationDate\":\"2025-08-09\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Economics Letters\",\"FirstCategoryId\":\"96\",\"ListUrlMain\":\"https://www.sciencedirect.com/science/article/pii/S0165176525003714\",\"RegionNum\":4,\"RegionCategory\":\"经济学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q2\",\"JCRName\":\"ECONOMICS\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Economics Letters","FirstCategoryId":"96","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S0165176525003714","RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q2","JCRName":"ECONOMICS","Score":null,"Total":0}

引用次数: 0

摘要

本文通过分析greenium的动态，考察了气候问题和气候相关事件如何影响投资者对可持续资产的偏好，greenium定义为严格匹配条件下标记绿色债券的收益率折扣。使用2017 - 2023年美元和欧元计价债券的每日数据，并控制流动性、收益率曲线斜率和波动性，我们发现平均而言，greenium是温和的。然而，它对与气候有关的注意力和气候事件的变化作出了重大反应。后一种效应只存在于欧洲市场。将气候关注的变化分解为积极和消极的组成部分，揭示了一种可逆的反应，引起了人们对绿色偏好作为长期资金渠道的稳定性的关注。

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

Climate concerns, salient events, and green preferences

This paper examines how climate concerns and climate-related events influence investor preferences for sustainable assets by analyzing the dynamics of greenium, defined as the yield discount on labeled green bonds under strict matching conditions. Using daily data from 2017 to 2023 for USD and Euro denominated bonds, and controlling for liquidity, yield curve slope, and volatility, we find that the greenium is modest on average. However, it responds significantly to shifts in climate-related attention and climate events. The latter effect is found only in European markets. Decomposing climate concerns variations into positive and negative components reveals a reversible response, raising concerns about the stability of green preferences as a long-term funding channel.

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

Economics Letters ECONOMICS-

CiteScore

3.20

自引率

5.00%

发文量

348

审稿时长

30 days

期刊介绍： Many economists today are concerned by the proliferation of journals and the concomitant labyrinth of research to be conquered in order to reach the specific information they require. To combat this tendency, Economics Letters has been conceived and designed outside the realm of the traditional economics journal. As a Letters Journal, it consists of concise communications (letters) that provide a means of rapid and efficient dissemination of new results, models and methods in all fields of economic research.