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Univerziteta u Beogradu
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Does transparency matter? Evidence from panel analysis of the EU government green bonds
Janković, Irena
Vasić, Vladimir
Kovačević, Vlado
Abstract: The aim of this research is to amend traditional theories on bond pricing with additional determinants specific to green bonds. We introduce a new term, ‘green bond transparency’, and apply panel data analysis to EU government green bonds. Bonds that aim to finance a specific project are considered transparent, while they are classified as non-transparent if the proceeds are used to finance a range of projects or their use is to be determined later. We empirically confirm the significant effect of transparency on green bond yields. The practical implication of the findings is the creation of a foundation for issuing green bonds under more favorable financing conditions.
engleski
2022
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Keywords: Green bonds, Yield determinants, Transparency
10.1016/j.eneco.2022.106325