XF-VSMU5PQ-O Financing the Response to Climate Change: The Pricing and Ownership of U.S. Green Bonds
Abstract
NBER WORKING PAPER SERIES FINANCING THE RESPONSE TO CLIMATE CHANGE: THE PRICING AND OWNERSHIP OF U.S. GREEN BONDS Malcolm Baker Daniel Bergstresser George Serafeim Jeffrey Wurgler Working Paper 25194 http://www.nber.org/papers/w25194 NATIONAL BUREAU OF ECONOMIC RESEARCH 1050 Massachusetts Avenue Cambridge, MA 02138 October 2018 For helpful comments we thank Claudia Custodio, Bob Litterman, Alexi Savov, Bruce Tuckman, Robert Whitelaw, seminar participants at the Brookings Institution, NYU Stern School of Business, University of Laval, University of Texas at Austin, Texas A&M University, INSEAD, and executives at Bloomberg, the Office of the State Treasurer of Massachusetts, and the San Francisco Public Utilities Commission. John Barry, Kevin Jin, and James Zeitler provided excellent research assistance. Baker serves as a consultant to Acadian Asset Management. Serafeim has served as an advisor to asset management firms that have invested in green bonds. Baker and Serafeim gratefully acknowledge financial support from the Division of Research of the Harvard Business School. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research. NBER working papers are circulated for discussion and comment purposes. They have not been peer-reviewed or been subject to the review by the NBER Board of Directors that accompanies official NBER publications. © 2018 by Malcolm Baker, Daniel Bergstresser, George …
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Cites (17)
Works cited in this paper's bibliography that are themselves in the XFID registry.
- Does it pay to be green? (2017) Abstract
- Green bond finance and certification (2017) Abstract
- Impact investing (2017) Abstract
- Investors are willing to pay a green premium (2017) Abstract
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- The green bond premium (2017) Abstract
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- Guide to Green Bonds on the Bloomberg Terminal (2016) Abstract
- Managers' green investment disclosures and investors' reaction (2016) Abstract
- SRI funds: Investor demand, exogenous shocks, and ESG profiles (2016) Abstract
- Consumer demand for fair trade: Evidence from a multistore field experiment (2015) Abstract
- The price of sin: The effects of social norms on markets (2009)
- The wages of social responsibility (2009) Abstract
- Socially responsible investments: Institutional aspects, performance, and investor behavior (2008) Abstract
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Cited by (4)
Other RESEARCH documents in the registry that cite this work.
- Green Bonds: Environmental Performance and Capital Market Response (2024)
- Sustainable bond issuances in international markets, 2014-2022: Characteristics, trends and greenium in Latin America and the Caribbean (2023)
- The Economics of Sustainability-Linked Bonds (2022)
- Who Pays for Sustainability? An Analysis of Sustainability-Linked Bonds (2022)
People Cited in This Document
- Jeffrey Wurgler author NYU Stern
- Daniel Bergstresser author Brandeis International Business School
- Malcolm Baker author Harvard Business School
- George Serafeim author Harvard Business School
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National Bureau of Economic Research (NBER) (2018). Financing the Response to Climate Change: The Pricing and Ownership of U.S. Green Bonds. XFID: XF-VSMU5PQ-O. Retrieved from https://xframework.id/XFVSMU5PQO
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