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Contribution Details
| Type | Master's Thesis |
| Scope | Discipline-based scholarship |
| Title | Does more Green language benefit Green Bond Issuers? An empirical analysis of effects of non-financial disclosure on costs of Green Bonds in primary market |
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| Institution | University of Zurich |
| Faculty | Faculty of Business, Economics and Informatics |
| Date | 2021 |
| Abstract Text | Several studies have shown the increasing hazards of climate change and estimate the cost of its mitigation to be in trillions of dollars. Accords like Paris climate agreements have taken steps towards a committed ght against climate change. We study green bonds, which are xed-income instruments speci cally earmarked to raise money for climate and environmental projects. Our study focuses on nding evidence of Green Premium as compared to ordinary or Normal Bonds. Our study is one of the rst to generate a Greenness score based on contextual analysis of issue documents, speci cally the intended use of proceeds. Using state-of-the-art natural language processing we develop Green Scores using Green Bond Principles issued by International Capital Markets Association as benchmark. |
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