Green bonds: a survey

• Published in: Seonmul yeongu (Online) Vol. 28; no. 4; pp. 175 - 189
• Main Authors: Cheong, Chiyoung, Choi, Jaewon
• Format: Journal Article
• Language: English
• Published: Bingley Emerald Group Publishing Limited 21.12.2020; Emerald Publishing; 한국파생상품학회
• Subjects: Bond issues; Bond markets; Climate change; corporate social responsibility (csr); Derivatives; esg; False information; g12; g18; Green bonds; green premium; International organizations; Investment banking; Investments; Investors; Labeling; Net present value; Social investing; socially responsible investing (sri); Stock exchanges; sustainable finance; Willingness to pay; 경영학; United States > US
• ISSN: 1229-988X; 2713-6647; 2713-6647; 1229-988X
• DOI: 10.1108/JDQS-09-2020-0024

This paper is a survey of recent academic developments in the literature on green bonds, which have become an important financial instrument in socially responsible investment. This study provides a review of papers that study the market pricing of green bonds, the economic and environmental effects of green bond financing, as well as legal and institutional issues in the green bond market. The literature on market pricing focuses mainly on the existence of greenium, which represents the extent to which green bonds carry a price premium over otherwise identical non-green counterparts. The literature on the economic and environmental effects mainly concerns stock market reaction to green bond issuance and associated economic value implications to other stakeholders, as well as investment in green projects. This paper discusses current issues in the green-bond market and avenues for future research.