Skip to main content
Disciplines
Automotive Business IT + Informatics Construction + Real Estate Electrical Engineering + Electronics Energy + Sustainability Insurance + Risk Finance + Banking Management + Leadership Marketing + Sales Mechanical Engineering + Materials
Events
DE
EN
Books
Journals
Topic Page
Marketing
Start single access now
Access for companies
EXTENDED SEARCH
Log in
Top

2022 | Book

Introduction Read chapter Read first chapter

Quantitative Comparison of the Issue Yield of Green Bonds and Conventional Bonds

Author: Julia Jelemensky

Publisher: Springer Fachmedien Wiesbaden

Book Series : BestMasters

Part of: Springer Professional "Wirtschaft+Technik" , Springer Professional "Wirtschaft"

Login to get access
insite
SEARCH

About this book

Due to the novelty of green bonds in the fixed income area, little empirical research has been done on the question which impact the fact that a bond is investing in green projects has on the yield that investors receive. The aim of this book is to determine if there is a discount or premium on the yield at issuance of green bonds. The analysis is mainly based on an empirical study. The author examined the influence of eight selected indicators on the issue yield of bonds using a multivariate regression analysis. The analyzed sample comprised data sets of 601 bonds.

Table of Contents

Frontmatter
Chapter 1. Introduction
Abstract
Over the last years, ethical and ecological financial investments turned out to be of great importance. Current accounts, equity funds or life insurances—there is a green alternative to every money instrument. A recent development in the area of socially responsible investments are so-called green bonds, which appeared on financial markets roughly more than ten years ago.
Julia Jelemensky
Chapter 2. Bonds
Abstract
To begin with, a general explanation of bonds, their functioning as well as their fundamental characteristics will follow. It is important to underline that within this thesis, when mentioning the term “conventional bonds”, it refers to the in the following described bonds. The term bond, also referred to as an annuity or debenture (fixed income security), is an interest-bearing security that is guaranteed and therefore tradeable.
Julia Jelemensky
Chapter 3. Yield measurements
Abstract
This chapter has the aim to give a short overview of the most common possibilities for the measurement of bond yields since this thesis will in a later stage deal intensively with the topic of the yields of bonds at issuance.
Julia Jelemensky
Chapter 4. Sustainable investments
Abstract
Before diving into the main topic of green bonds, this thesis will first deal with sustainable investments in general. A description of the concept of sustainable investing followed by targets when investing green and the various opportunities will be discussed.
Julia Jelemensky
Chapter 5. Green Bonds
Abstract
The fifth chapter deals with the topic of green bonds. A description of the concept of green bonds constitutes the start. Afterwards, the most popular standards or rather certifications regarding what may be called a green bond are presented.
Julia Jelemensky
Chapter 6. Linear regression
Abstract
Since linear regression was chosen as the suitable method to analyze the issue yield of green bonds, this chapter deals with the theory behind regression. 
Julia Jelemensky
Chapter 7. Empirical Part
Abstract
The empirical part is divided into three main parts: Section 7.1 deals with the data by first, presenting the data source and its selection procedure and second, introducing the sampling methodology whereby an excursus to stratified sampling will be a part. In addition, both the data sample of the green bonds and the conventional bonds will be described with regard to some statistical properties. Section 7.2 will dive into the regression and start with naming and describing the dependent variable as well as the five independent variables. Next, the hypothesis will be presented. Section 7.4 will present the results by starting with descriptive statistics and a distribution analysis. Afterwards, the determination of the multivariate regression model will be described followed by the overall F test conducted for the final model.
Julia Jelemensky
Chapter 8. Conclusion
Abstract
In this thesis, it was examined whether the fact that a bond is green has an impact on the bond’s yield at issuance as compared to conventional (non-green) bonds with similar characteristics. Only investment graded bonds issued in Euro were included in the analysis. The study was mainly based on an empirical study whereby the issue yield was analyzed by the means of a multivariate regression model.
Julia Jelemensky
Backmatter
Metadata
Title
Quantitative Comparison of the Issue Yield of Green Bonds and Conventional Bonds
Author
Julia Jelemensky
Copyright Year
2022
Electronic ISBN
978-3-658-37406-8
Print ISBN
978-3-658-37405-1
DOI
https://doi.org/10.1007/978-3-658-37406-8