Green Bonds – Sustainable Finance Instruments

Karolina Daszyńska-Żygadło , Jakub Marszałek

Abstract

Financial system has a key role in transition towards a more sustainable economic model. This transition requires large-scale investments in the economy. It also requires dedicated financial instruments. Sustainable finance opportunities for retail investors such as green bonds are the example of those instruments and they are attracting significant public interest. In this paper we analyze characteristics of green bonds, their issuers and purpose of issue. Major purpose of the paper is to provide evidence for differences in pricing and market execution risk with mainstream bonds on the basis of bond indexes performance analysis. Results show that green bond market is getting more sensitive towards changes on the broader market of conventional bonds which proves its growing maturity. Findings of this paper are significant from the perspective of providing informative insights for the investors risk and return characteristics. They also contribute to the development of sustainable finance and risk analysis of sustainable finance instruments
Author Karolina Daszyńska-Żygadło (MISaF / IZF / DoCFaPF)
Karolina Daszyńska-Żygadło,,
- Department of Corporate Finance and Public Finance
, Jakub Marszałek
Jakub Marszałek,,
-
Pages187-198
Publication size in sheets0.55
Book Kapounek Svatopluk, Krutilova Veronika (eds.): 21th Annual International Conference Conference. Enterprise and Competitive Environment. Conference Proceedings, 2018, Mendel University in Brno, ISBN 9788075095619, 745 p.
Keywords in Englishgreen bonds, sustainable finance, green finance, green bonds indexes
URL http://ece.mendelu.cz/wcd/w-rek-ece/ece2018_fin.pdf
Languageen angielski
Score (nominal)5
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