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The Journal of Structured Finance

The Journal of Structured Finance

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Article

Climate Change Driving Financial Innovation: The Case of Green Bonds

Andreas Horsch and Sylvia Richter
The Journal of Structured Finance Spring 2017, 23 (1) 79-90; DOI: https://doi.org/10.3905/jsf.2017.23.1.079
Andreas Horsch
is a full professor at Technische Universität Bergakademie Freiberg in Freiberg, Germany, where he holds the Chair of Investment & Finance. andreas.horsch@bwl.tu-freiberg.de
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Sylvia Richter
is a research assistant of the Chair of Investment & Finance at Technische Universität Bergakademie Freiberg in Freiberg, Germany. s.richter@bwl.tu-freiberg.de
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Abstract

This article deals with green bonds as a structured finance instrument that could help close the clean energy investment gap by addressing private and institutional investors. At first, the green bond universe is structured, with market-labeled green bonds being chosen for further analysis, so that patterns of issues, issuers, and market processes can be identified. Based on monthly bond price data, the authors analyze the drivers of green bond prices and their correlations with prices of other financial assets. Their findings on the risk–return positions that green bonds offer on either a standalone or a portfolio basis are mixed and suggest that factors other than pure economic criteria are responsible for the current tendency toward green bond investments.

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The Journal of Structured Finance: 23 (1)
The Journal of Structured Finance
Vol. 23, Issue 1
Spring 2017
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Climate Change Driving Financial Innovation: The Case of Green Bonds
Andreas Horsch, Sylvia Richter
The Journal of Structured Finance Apr 2017, 23 (1) 79-90; DOI: 10.3905/jsf.2017.23.1.079

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Climate Change Driving Financial Innovation: The Case of Green Bonds
Andreas Horsch, Sylvia Richter
The Journal of Structured Finance Apr 2017, 23 (1) 79-90; DOI: 10.3905/jsf.2017.23.1.079
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  • Article
    • Abstract
    • DEFINING GREEN BONDS
    • BOND CHARACTERISTICS AND MARKET SIZE
    • RISK–RETURN ANALYSIS OF GREEN BONDS
    • DETERMINANTS OF GREEN BOND PRICES—ECONOMETRIC RESULTS
    • FURTHER KEY CHALLENGES OF FINANCING GREEN PROJECTS VIA GREEN BONDS
    • CONCLUSION
    • ENDNOTES
    • REFERENCES
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