Thomas Liaw
Green bonds are issued to raise money to finance climate or environmental projects. The green bond market started in 2007 with less than $1 billion and has been growing fast to $270 billion by 2020. The pricing of green bonds in the primary market has attracted much attention. The paper “Survey of Green Bond Pricing and Investment Performance.” Surveyed the literature and showed that several publications provided evidence of green premium, some did not support such conclusion, and there is also evidence of mixed results. In addition, Liaw also examined investment returns from select green bond funds and green bond indexes. The paper provided clear summary of publications on green bond pricing at issuance but did not evaluate each of the theoretical models that produced the reported findings. The green bond market is expected to continue the impressive growth. The specific issue, the market environment, and investor demand will continue to impact on the pricing in the primary market and the trading in the secondary market.
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