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Dissertations / Theses on the topic 'Green bond market'

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Published: 23 June 2021

Last updated: 29 July 2025

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1

Rachello, Valentina <1994&gt. "THE GREEN BOND MARKET IN EMERGING MARKET ECONOMIES Green Bond Market Development and Green Premium analysis in Emerging Market Economies." Master's Degree Thesis, Università Ca' Foscari Venezia, 2019. http://hdl.handle.net/10579/15699.

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Climate change represents one of the most discussed topics of the last decade, as well as one of the major cause for concern. In fact, related risks are not only limited to the environment itself, but they also jeopardize the society and the economy at both national and global levels. For this reason, between the variety of tools designed to deal with climate change effects, also finance made available new instruments whose aim is the enhancement of the transition to a low-carbon, climate-resilient economy. Among them, green bonds became the main fixed-income asset to finance sustainable proje

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Sönnerhed, Alexander, and Sebastian Berg. "Green Bonds vs Conventional Bonds : Market efficiency test on green bond funds vs conventional bond funds when faced with external shocks causing stress." Thesis, Jönköping University, IHH, Företagsekonomi, 2021. http://urn.kb.se/resolve?urn=urn:nbn:se:hj:diva-52622.

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This thesis investigates the effects of environmental and economic disasters on green bond funds and conventional bond funds during the years 2016-2020. The research emphasizes how a saver could act when comparing green bond funds and conventional bond funds for investing purposes. Based on previous research, there are indications that green bonds and conventional bonds differ in pricing despite having the same economic quality. This research investigates bond funds rather than singular bonds. The tests in this study are quantitative based on hypothetico-deductive approach. Based on hypothesis

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Lillieroth, Helena, and Sofia Lillieroth. "Accelerating Green Bond Market Growth : The role of the EU Taxonomy and the EU Green Bond Standard." Thesis, KTH, Industriell ekonomi och organisation (Inst.), 2021. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-297239.

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The interest for green investments has risen rapidly in the past years and with it, the green bond market. In line with the EU’s new Green Deal for a sustainable future, a Taxonomy of sustainable activities has been released along with a complementary green bond framework, the EU Green bond standard (EU GBS). Within the literature, there is a consensus that the green bond market has not yet reached its full potential and a number of obstacles for market growth have been identified. The new EU GBS is predicted to have an impact on the market, but it is not clear what it will look like, what rol

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Shi, Ying, and Kristine Jurevica. "The Impacts of the COVID-19 Pandemic on the European Green Bond Market." Thesis, Uppsala universitet, Företagsekonomiska institutionen, 2021. http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-448481.

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This thesis examined the effect of non-financial motives, namely pro-environmental or sustainability preference, in bond pricing on the European secondary market before and during the COVID-19 crisis over the period 02.01.2019-26.02.2021. To estimate the potential yield spread between green bonds and matched conventional bonds, we applied a stringent matching method and fixed-effect regression to explore the green bond premium. The result indicated a small positive premium of 0.46 bps before the COVID-19 (01.2019-02.2020) and a small negative premium of 0.2 bps during the ongoing COVID-19 cris

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Söderström, Gustaf, and Anton Pettersson. "What does it cost to be green? : An empirical investigation of the European green bond market." Thesis, Uppsala universitet, Företagsekonomiska institutionen, 2020. http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-414387.

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The green bond market offers investors the opportunity to take an explicit focus on sustainable investment projects. However, it is yet to be determined whether this novel asset class offers attractive yields compared to non-green bonds. To address this question, we study European green bonds and how they diverge from conventional bonds in terms of yields. Using a dataset of 88 matched pairs of European green bonds between 2015 and 2019, we document a significant negative green bond premium of -12 bps on average in the secondary market. The green bond premium is defined as the yield differenti

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Freytag, Julia. "Challenges for Green Finance in India : An Analysis of Deficiencies in India’s Green Financial Market." Thesis, Umeå universitet, Företagsekonomi, 2020. http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-180908.

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Context:Over the years, India has evolved as a leading powerhouse of economic growthbut belongs to the nations that are most significantly affected by anthropogenicenviron-mental changes. As part of the Paris Agreement, India has formulated a national climate agenda, but a large gapprevalentin the green financialmarket as well as other deficien-cies in the general bondmarket and the underlying infrastructure restrain the country from attaining those goals. Purpose:Earlier scholarly works, and green bond reports, in particular, have foreground the number of green bond issuances in India but do

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Karimi, Niousha, and Isac Lago. "Green Bond’s co-movement with the treasury bond, corporate bond, stock, and carbon markets during an economic recession." Thesis, Jönköping University, IHH, Företagsekonomi, 2021. http://urn.kb.se/resolve?urn=urn:nbn:se:hj:diva-52683.

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Background: With the tremendous growth of the Green Bond (GB) market, understanding the relationship of the GB market with other financial markets gains importance. The Covid19 pandemic causing a recession in most major economies creates an opportunity to see the co-movements of the GB market with other financial markets under a period of economic crisis. Purpose: This study aims to use the economic contraction catalyzed by the 2020’s Covid-19 pandemic as a means to investigate the co-movements between the GB and the treasury bond, corporate bond, stock, and carbon markets during an economic r

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Alldén, Pontus, and Dev Joshi. "Building a Green Living : Measuring the green bond premium on the Swedish real estate market." Thesis, Jönköping University, Internationella Handelshögskolan, 2021. http://urn.kb.se/resolve?urn=urn:nbn:se:hj:diva-54790.

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Background: With the first green bond being issued in 2008 as a joint venture between World Bank Organization and the Swedish bank SEB the financial instrument has made an impact on the financial markets. With a high demand for sustainable investments in Sweden partly due to policies a premium for the green bonds is to be expected at least according to theory. The real estate market has adapted to the increased demand for green investments by moving more towards green bonds, and rightfully so as it is one of the largest polluters seen by sector. In result, it is also one of the largest issuers

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Andersson-Junkka, Emil, and Felix Malmström. "Green Is The New Black - A qualitative study on the motives and future of the Nordic green bond market from an underwriter perspective." Thesis, Umeå universitet, Företagsekonomi, 2021. http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-187080.

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This research analyzes the motives and future of the Nordic green bond market from an underwriter perspective. Threefold motives for being active in the Nordic green bond market are found. There are monetary gains, corporate social responsibility, and an opportunity to receive and maintain legitimacy. Several important factors for the future of the Nordic green bond market are identified. The EU Taxonomy will have a major impact on this market, and is the most important factor for the future of it. Further, sustainability-linked bonds enable the transition of various sectors towards sustainabi

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Nanayakkara, Madurika. "Green bonds : Do they bring sustainability to environmentally friendly projects?" Thesis, Federation University Australia, 2018. http://researchonline.federation.edu.au/vital/access/HandleResolver/1959.17/169217.

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This study was motivated by the urgent requirement to scale up the global green bond (GB) market to meet the trillion-dollar financial requirement of environmental resilience projects worldwide, and by the absence of prior scientific investigations to determine solutions to the GB market’s problems from different perspectives. Three empirical studies were conducted to provide a holistic view of the GB market. The first study investigated the perception gaps of different stakeholders in the GB market in terms of assessing the ‘greenness’ of projects funded through GBs, investors’ expectations o

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Persson, Michaela. "Building Trust on the Green Bond Market : A Qualitative Study Examining the Investors' Perspective." Thesis, KTH, Skolan för industriell teknik och management (ITM), 2021. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-297853.

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The green bond market has grown rapidly in the past years but still only stands for 1 percent of the total bond market. More issuers need to issue green bonds for the green bond market to grow, and investors need to invest in new issuers. A weakness of the green bond market is that there is no universal definition of sustainability. This thesis investigates the green bond market from investors’ perspectives, focusing on the role of trust in the green bond market. The thesis is qualitative research containing eight interviews with people on pension funds, asset management firms, an insurance co

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Ingelgård, Mathilda, and Louise Regnell. "Green is the New Black : A study of investor reliance in green bond investments in the Swedish real estate market." Thesis, KTH, Fastigheter och byggande, 2018. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-231431.

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After the environmental debate was put firmly into economics literature, an emerging sustainable finance sector attempts to discipline corporate social and environmental behaviour, in which the financial markets and the real estate sector have been stated to play particularly important roles. Research within Swedish real estate financing has identified a growing interest of sustainable financing, mentioning green bonds in particular. Green bonds are based on traditional corporate bonds with the difference that green bonds possess an element of influence. The issuer is obliged to report back to

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Elam, Latansa Izzata Dien <1995&gt. "Stock market reaction to green bond issuances: an empirical study on firms listed on Asian stock exchanges." Master's Degree Thesis, Università Ca' Foscari Venezia, 2020. http://hdl.handle.net/10579/17625.

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Among institutional, wealth, and retail investors, Environmental, Social, and Governance (ESG) investments are growing significantly. One example of ESG investments are green bonds. Green bonds can be defined as fixed income securities that finance investments with environmental or climate-related benefits. In recent years, the demand for green bonds has grown rapidly. The green bond issuances occurred across all continents, with a growing number of emerging market issuances. This substantial growth of the market and its increased importance in terms of decarbonisation, combined with the limi

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14

Oestreich, Henrik Stefan, and Karimi Nima Marandi. "A study of the dynamics of the Swedish Green Bond Market : From a niched to a mainstream tool for sustainable development." Thesis, KTH, Industriell Management, 2019. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-254245.

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The phenomenon of climate change is widely recognized and declared as the single most threatening issue of the 21st century (UN Environment, 2018). In this context, the presented study is aligned with scientific research on the domain of sustainable development and sustainability transitions aiming to counterbalance climate change and its impact on this planet as much as possible. This research focuses on Green Bonds as a financial tool to promote this kind of climate-resilient transition. Professionals from the financial sectors of the Swedish Green Bond market were interviewed, reflecting cu

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Liepins, Emils, and Oubari Abdulrahman. "Green Bond Influence on Cumulative Abnormal Return in The Swedish Stock Market : A Study of Publicly Listed Swedish Construction and RealEstate Companies." Thesis, Internationella Handelshögskolan, Jönköping University, IHH, Företagsekonomi, 2020. http://urn.kb.se/resolve?urn=urn:nbn:se:hj:diva-48663.

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Addressing environmental issues has been a top priority in recent years all over the world. There are several options on how to address this problem also from a financial perspective. Therefore, the purpose of this study was to investigate how green bond issuance announcement impacts publicly traded stock prices through cumulative abnormal return (CAR) perspective. We focused our scope only to the Swedish market. Theory is based on three different models: the capital asset pricing model (CAPM), the market model, and the market return model, which all have been applied also in previous studies.

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Fransman, Madeleine, and Beatrice Häll. "Green bonds - market barriers and investor motives." Thesis, Uppsala universitet, Företagsekonomiska institutionen, 2018. http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-358227.

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This study addresses the green bond market, a young and upcoming market that has received increasing attention in recent years. Academic literature in the field is limited, therefore theaim of this study is to identify investors’ main barriers and motives behind green bondinvestments. In order to examine Swedish fund companies’ requirements to invest in greenbonds, questionnaire responses were linked to interviews. The overall result shows the importance of financial incentives in investment decisions. In terms of market barriers, the low return of green bonds was the main reason that investme

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17

Sun, Chen, and Febi Caesara Wulandari. "Liquidity Risk and Yield Spreads of Green Bonds : Evidence from International Green Bonds Market." Thesis, Högskolan i Jönköping, Internationella Handelshögskolan, 2017. http://urn.kb.se/resolve?urn=urn:nbn:se:hj:diva-35819.

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Our thesis aims to help the market participants to understand the source of the risk in green bonds market. We estimate the liquidity risk effects in green bonds' yield spreads as well as controlling for credit risk, bond-specific chracteristics and macroeconomic variables. Both of our liquidity measures suggest that green bonds are more liquid than investment grade US corporate bonds. We find that liquidity effect in green bonds' yield spreads is pronounced, and the result is robust after controlling for potential endogeneity bias. The power of green bonds' liquidity premium is about 10 to 10

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18

Alessandrelli, Luca <1995&gt. "Finance in support of environmental sustainability: green bonds market analysis." Master's Degree Thesis, Università Ca' Foscari Venezia, 2021. http://hdl.handle.net/10579/19042.

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This paper aims to analyze the Green Bonds market. Environmental sustainability is nowadays a crucial issue that each of us must consider, and finance, too, has a duty to propose solutions in this regard. Initially, there is an introduction regarding the motivations, the historical context, and the decisions that, over the years, have led to the outlining of precise standards that must be respected in order to avoid irreparable consequences. Then, the birth, the diffusion and the growth of the green bonds market will be analyzed. This part is aimed at providing an overview of the functioning,

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19

Larsson, Frans. "The Greenium : A study of pricing on the fixed income market." Thesis, Uppsala universitet, Nationalekonomiska institutionen, 2019. http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-377043.

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This thesis studies the yield differential between green bonds and conventional bonds, the so called green premium or "greenium". By deriving a theoretical model that includes investors' preferences for green assets, two hypothesis are formulated: There exists a negative green bond premium and The negative premium is larger in absolute terms in countries with high environmental performance. In order to estimate the premium, synthetic conventional bonds are constructed having the same characteristics as the green bonds. Two different matching methods are used to construct the synthetic bonds, o

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20

Pistolato, Giulia <1996&gt. "A climate finance tool: green bonds and market evolution during Covid-19." Master's Degree Thesis, Università Ca' Foscari Venezia, 2021. http://hdl.handle.net/10579/20325.

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Climate change is perhaps the most urgent issue of the 21st century, and in the last years has captured more and more attention. With no doubt human activity has impacted the environment to a no-turning-back point; dramatic weather events are increasing, and the temperatures are rising dramatically. A new level of sensitivity is growing in every field and has spread in the financial one too. This trend is known as “climate finance”. The first chapter analyses the climate change risks and consequences, then the phenomenon of climate finance, that can be helpful while transitioning into a more

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Danieli, Marina <1997&gt. "Sustainable finance and green bonds Looking for Greenium evidence in the European market." Master's Degree Thesis, Università Ca' Foscari Venezia, 2022. http://hdl.handle.net/10579/21278.

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ESG (Environmental, Social and Governance) investments have become increasingly important and the demand for this type of socially conscious investments has increased, impacting not only on retail investors, but larger institutional ones as well. Investing in green bonds means supporting projects related to finance climate and sustainability, and for that getting a green premium or “greenium” as return. It was repeatedly demonstrated by multiple authors that its value is negative with respect to conventional bonds; meaning that investors are willing to accept lower returns and give up wealth i

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Angolkar, Tejal. "The Effects of Macroeconomic Indicators and Event Shocks on Greek Stock and Bond Market Performance." Scholarship @ Claremont, 2016. http://scholarship.claremont.edu/cmc_theses/1423.

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This paper focuses on understanding the higher than average punishment to Greek stocks and bonds and the overall investor reactions to the worsening economic situation in Greece from 2000 to 2014. Were Greek stock and bond values driven by fiscal and financial conditions, macroeconomic indicators and event shocks to the economy? Time series regressions, Granger Causality Wald tests and impulse response functions are used to answer the question. The proxies for Greek stock and bond market performance include the Athens Stock Exchange Index growth rate and the short run and long run interest rat

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Blomqvist, Ida, and Anna-Karin Wallinder. "Gröna Obligationer : En studie om investerares motiv till att köpa gröna obligationer." Thesis, Karlstads universitet, Handelshögskolan (from 2013), 2020. http://urn.kb.se/resolve?urn=urn:nbn:se:kau:diva-78590.

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Background: In 2007, the World Bank issued the first green bond in the world together with SEB. The first green corporate bond was issued by Vasakronan in 2013 and thereafter the market has expanded. Green bonds have the same financial characteristics as traditional bonds, the difference lies in the fact that the bond proceeds from green bonds must finance environmentally or climate friendly projects. The green bonds should give investors and issuers incentives to implement sustainable investments or projects. Aim: The purpose of the thesis is to describe and explain investors' motives and inc

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Johannesson, Maja, and Sofie Stejmar. "Gröna obligationer - Vägen till en mer hållbar kreditmarknad : En studie om aktörers motiv och ekonomiska drivkrafter på den svenska marknaden för gröna obligationer." Thesis, Linköpings universitet, Nationalekonomi, 2015. http://urn.kb.se/resolve?urn=urn:nbn:se:liu:diva-120196.

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Bakgrund: År 2007 emitterade Världsbanken den första gröna obligationen i världen tillsammans med SEB. Vasakronan emitterade den första gröna företagsobligationen år 2013 och därefter har marknaden expanderat. Gröna obligationer har samma finansiella egenskaper som traditionella obligationer, skillnaden ligger i att obligationslikviden från gröna obligationer ska finansiera miljö- eller klimatvänliga projekt. Gröna obligationer ger investerare och emittenter incitament att implementera hållbara investeringar eller projekt. Syfte: Uppsatsens syfte är att undersöka och analysera motiv och ekonom

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25

Barreno, Paredes Claudia Luzmila, Benzaquen Miguel Ángel Cancela, Lino Manuel Alejandro Cruzado, and Alejos Maricé Milagros Salvador. "Análisis del mercado de bonos verdes y comparación cuantitativa del rendimiento (yield) frente a los bonos convencionales." Master's thesis, Universidad Peruana de Ciencias Aplicadas (UPC), 2020. http://hdl.handle.net/10757/653412.

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La presente investigación tiene como objetivo determinar el comportamiento del rendimiento (yield) de los bonos verdes y bonos convencionales que nos llevarán a realizar conclusiones y recomendaciones a los diferentes agentes del mercado financiero. Para ello, se hizo una segmentación del universo de bonos verdes por el tipo de maduración al vencimiento, tipo de cupón fijo, calificación con grado de inversión y tipo de moneda lo que nos permitirá realizar las curvas de rendimiento y hacer las comparaciones pertinentes. Asimismo, se ha desarrollado el análisis de mercado y las razones detr

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Tomé, Inês Alexandra Guerra. "The green twist in the bond market: a performance analysis of green and conventional indices." Master's thesis, 2019. http://hdl.handle.net/10071/19616.

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Green bonds emerged as an innovative fixed income product with potential to mobilize capital to promote the climate change mitigation or adaptation. The present study aims to investigate whether the green bonds integration into the investor’s portfolio provides superior returns or if it implies a trade-off between sustainability concerns and financial performance, through the analysis of green and conventional bond indices. The analysis of returns suggests low volatility and consequently, low investment risk for both types of indices. The difference between the means of returns were not stat

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Liu, Hung-Hsu, and 劉泓序. "Green Bond Development in Taiwan and the Analysis of the Market." Thesis, 2019. http://ndltd.ncl.edu.tw/handle/5ek2y9.

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碩士<br>國立臺灣大學<br>財務金融學研究所<br>107<br>As climate change becomes a more and more critical issue, the world has put much emphasis on environmental sustainability. Green bond as a newly developed financial instrument plays as the crucial role to induct funds to the green industry from the capital markets, and Taiwan also followed this trend, starting to develop the green bond market since 2017. The thesis reviews the development of green bond over the past decade, has an overview of the green bond market worldwide, and lastly focuses on the newly-developed Taiwan green bond market. The thesis analyz

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Gerhardt, Marie-Christine. "Do green bonds perform differently than conventional bonds during market stress." Master's thesis, 2021. http://hdl.handle.net/10362/133496.

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Using a two-fold focus on abnormal return and bond liquidity, this thesis investigates whether green bonds and conventional bonds perform differently during market stress by analyzing 134green and 134conventional matched bonds. This study finds that investor preferences do not change during market stress in general, as the abnormal return of green and conventional bonds appear to co-move. Upon further scrutiny it is, however, confirmed that geopolitical infrastructure as well as industry specific characteristics lead to diverging performances among bond pairs, thus, impact inve

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Ackassi, Anita. "The growth of the green bond market: a qualitative analysis of the barriers and opportunities." Master's thesis, 2020. http://hdl.handle.net/10362/107189.

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Despite the growing importance of green finance, green bonds currently account forless than 3% of the global bond-issue. As such, this paper aims to provide insights into the current status of the green bond market and its growth, focusing on the growth barriers and positive impacts of green bonds. This thesis is based on the literature available and on qualitative research in the form of in-depth interviews with a sample of eight experts in the field of green bonds. It concludes that current barriers can be solved, and that green bonds will become a significant part of the tot

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Fernandes, Carolina Hipólito. "Are green bonds and their comparable conventional bonds issued at a different yield in the European Market?" Master's thesis, 2020. https://hdl.handle.net/10216/133158.

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Fernandes, Carolina Hipólito. "Are green bonds and their comparable conventional bonds issued at a different yield in the European Market?" Dissertação, 2020. https://hdl.handle.net/10216/133158.

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