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[{"key": "dc.contributor.advisor", "value": "Lehkonen, Heikki", "language": null, "element": "contributor", "qualifier": "advisor", "schema": "dc"}, {"key": "dc.contributor.author", "value": "Simola, Jesper", "language": null, "element": "contributor", "qualifier": "author", "schema": "dc"}, {"key": "dc.date.accessioned", "value": "2024-06-18T14:26:31Z", "language": null, "element": "date", "qualifier": "accessioned", "schema": "dc"}, {"key": "dc.date.available", "value": "2024-06-18T14:26:31Z", "language": null, "element": "date", "qualifier": "available", "schema": "dc"}, {"key": "dc.date.issued", "value": "2024", "language": null, "element": "date", "qualifier": "issued", "schema": "dc"}, {"key": "dc.identifier.uri", "value": "https://jyx.jyu.fi/handle/123456789/96004", "language": null, "element": "identifier", "qualifier": "uri", "schema": "dc"}, {"key": "dc.description.abstract", "value": "T\u00e4m\u00e4 tutkimus analysoi 3,365 euroissa ja dollareissa noteerattujen joukkovelkakirjojen (jvk), mukaan lukien 649 vihre\u00e4n jvk:n, hinnoittelua Yhdysvaltain ja Euroopan markki-noilla. Aluksi vihre\u00e4n \u201dleiman\u201d vaikutusta hinnoitteluun tutkitaan hy\u00f6dynt\u00e4m\u00e4ll\u00e4 propensity score matching -metodia prim\u00e4\u00e4rimarkkinadataan. Tulokset tarjoavat heikosti merkitsev\u00e4\u00e4 n\u00e4ytt\u00f6\u00e4 viherpreemion olemassaolosta tarkastellessa koko otantaa ja eurom\u00e4\u00e4r\u00e4isi\u00e4 velkakirjoja, kun taas yhti\u00f6iden ja dollareissa noteerattujen vihreiden jvk-lainojen hinnoissa ei esiinny preemiota. Muiden kuin yhti\u00f6iden (valtiot, ylikansalliset organisaatiot, virastot ja pankit) liikkeelle laskemissa vihreiss\u00e4 jvk-lainoissa preemio on suuri ja merkitsev\u00e4. \nSekund\u00e4\u00e4rimarkkinatutkimuksessa hy\u00f6dynnet\u00e4\u00e4n nearest neighbour matching -metodilla luotuja jvk-pareja. Kontrolloidessa likviditeetti\u00e4 ja juoksuaikaa, viherpreemio on merkitsev\u00e4 ainoastaan muissa jvk-lainoissa, joissa pankkien liikkeellelaskuissa esiintyv\u00e4 preemio on suurin. Tutkimus tarjoaa my\u00f6s n\u00e4ytt\u00f6\u00e4 siit\u00e4, ett\u00e4 preemio on katoamassa markkinoilta. Kuukausittaisten vihreiden jvk-lainojen liikkeellelaskun kasvaessa suhteessa kaikkiin kuukausittaisiin liikkeellelaskuihin madaltaa viherpreemiota indikoiden, ett\u00e4 volyymien kasvaessa preemiot katoavat markkinasaturaation seurauksena. T\u00e4t\u00e4 efekti\u00e4 ei kuitenkaan ole havaittavissa valtioiden, ylikansallisten organisaatioiden ja virastojen eli instituutioiden joukkovelkakirjoissa, mik\u00e4 tukee k\u00e4sityst\u00e4 n\u00e4iden vahvasta sijoittajakysynn\u00e4st\u00e4. \nViherpreemioon n\u00e4ytt\u00e4isi vaikuttaa liikkeellelaskijan ominaisuudet sek\u00e4 liikkeellelaskuvaluutta. Vastuulliset sijoittavat suosivat erityisesti instituutioita mahdollisesti niiden uskottavuuden ja luotettavuuden vuoksi. Niiden jvk:t nauttivat preemiosta niin prim\u00e4\u00e4ri kuin sekund\u00e4\u00e4rimarkkinoilla, vaikkakin preemio on pienempi sekund\u00e4\u00e4rimarkkinoilla. Vihreiden jvk-lainojen liikkeellelaskun kasvun pienent\u00e4v\u00e4 vaikutus preemioon kertoo preemion syntyv\u00e4n mahdollisesti vihreiden jvk-lainojen saatavuuden niukkuudesta. Kysynt\u00e4 n\u00e4ytt\u00e4isi kohdistuvan muiden kuin yhti\u00f6iden, erityisesti instituutioiden jvk-lainoihin, joilla on mahdollisesti suurin vaikutus ymp\u00e4rist\u00f6n kannalta. Huomioiden suuret investointitarpeet, jotta Pariisin ilmastosopimuksen tavoitteissa pysytt\u00e4isiin, markkinoilta h\u00e4vi\u00e4v\u00e4 preemio ei kannusta vihreiden joukkovelkakirjojen liikkeellelaskuun, mik\u00e4 voi aiheuttaa markkinoiden stagnaation ilman poliittista tukea.", "language": "fi", "element": "description", "qualifier": "abstract", "schema": "dc"}, {"key": "dc.description.abstract", "value": "This study analyses pricing of 3,365 bonds, including 649 green bonds, issued in EUR and USD in the U.S. and European markets. First, the effect of green bond label on the price is determined by using propensity score matching for primary market data. The results provide weak evidence for the existence of greenium for the whole sample and EUR denominated bonds, while USD denominated bonds and issues by corporates are not affected by the green label based on the analysis. Non-corporate issuer (banks, sovereigns, supranational institutions, and agencies) green bonds trade at significant premiums compared to their conventional peers.\nIn the secondary market the premium is studied using a matched sample created by nearest neighbour matching. The greenium is only present for non-corporate issuers after controlling for liquidity and time to maturity. Examining the sample further shows that the effect is stronger for bank issues than for other non-corporate issuers. Finally, this study provides evidence for greenium disappearing from the markets with monthly green bond issuance market share reducing the green bond premium of bonds. Greenium fluctuating with increasing monthly volumes indicates that as the markets have experienced saturation, the green bond premium has dissipated from the market. However, the yield spreads of green bonds issued by sovereigns, supranational institutions, and agencies (SSA) are unaffected by the increased market share supporting the notion of these green bonds being of highest quality. \nResults argue that the bond premium is affected by issuer type and the currency it is denominated in. Non-corporate issuer bonds are favoured by the pro-environmental investors possibly due to their trustworthiness and reputation. The greenium exists for this issuer type both in primary and secondary market albeit the premium in secondary market is lower. Green bond premium decreasing as relative issuance volume has increased could imply that it is driven by scarcity. The demand seems to be most persistent for non-corporate issues especially for bonds by SSAs that could be seen as most impactful. Considering the great need for green investments to reach the goals set by the Paris Climate Agreement, dissipating green bond premium is not incentivizing further investments possibly causing the market to stagnate in future without policy support.", "language": "en", "element": "description", "qualifier": "abstract", "schema": "dc"}, {"key": "dc.description.provenance", "value": "Submitted by jyx lomake-julkaisija (jyx-julkaisija.group@korppi.jyu.fi) on 2024-06-18T14:26:31Z\nNo. of bitstreams: 0", "language": "en", "element": "description", "qualifier": "provenance", "schema": "dc"}, {"key": "dc.description.provenance", "value": "Made available in DSpace on 2024-06-18T14:26:31Z (GMT). No. of bitstreams: 0", "language": "en", "element": "description", "qualifier": "provenance", "schema": "dc"}, {"key": "dc.format.extent", "value": "55", "language": null, "element": "format", "qualifier": "extent", "schema": "dc"}, {"key": "dc.format.mimetype", "value": "application/pdf", "language": null, "element": "format", "qualifier": "mimetype", "schema": "dc"}, {"key": "dc.language.iso", "value": "eng", "language": null, "element": "language", "qualifier": "iso", "schema": "dc"}, {"key": "dc.rights", "value": "CC BY 4.0", "language": "en", "element": "rights", "qualifier": null, "schema": "dc"}, {"key": "dc.title", "value": "Dissipating Green Bond Premium", "language": null, "element": "title", "qualifier": null, "schema": "dc"}, {"key": "dc.type", "value": "master thesis", "language": null, "element": "type", "qualifier": null, "schema": "dc"}, {"key": "dc.identifier.urn", "value": "URN:NBN:fi:jyu-202406184770", "language": null, "element": "identifier", "qualifier": "urn", "schema": "dc"}, {"key": "dc.contributor.faculty", "value": "Jyv\u00e4skyl\u00e4 University School of Business and Economics", "language": "en", "element": "contributor", "qualifier": "faculty", "schema": "dc"}, {"key": "dc.contributor.faculty", "value": "Jyv\u00e4skyl\u00e4n yliopiston kauppakorkeakoulu", "language": "fi", "element": "contributor", "qualifier": "faculty", "schema": "dc"}, {"key": "dc.contributor.organization", "value": "University of Jyv\u00e4skyl\u00e4", "language": "en", "element": "contributor", "qualifier": "organization", "schema": "dc"}, {"key": "dc.contributor.organization", "value": "Jyv\u00e4skyl\u00e4n yliopisto", "language": "fi", "element": "contributor", "qualifier": "organization", "schema": "dc"}, {"key": "dc.subject.discipline", "value": "Master's Degree Programme in Banking and International Finance", "language": "en", "element": "subject", "qualifier": "discipline", "schema": "dc"}, {"key": "dc.subject.discipline", "value": "Master's Degree Programme in Banking and International Finance", "language": "fi", "element": "subject", "qualifier": "discipline", "schema": "dc"}, {"key": "dc.type.coar", "value": "http://purl.org/coar/resource_type/c_bdcc", "language": null, "element": "type", "qualifier": "coar", "schema": "dc"}, {"key": "dc.rights.copyright", "value": "\u00a9 The Author(s)", "language": null, "element": "rights", "qualifier": "copyright", "schema": "dc"}, {"key": "dc.rights.accesslevel", "value": "openAccess", "language": null, "element": "rights", "qualifier": "accesslevel", "schema": "dc"}, {"key": "dc.type.publication", "value": "masterThesis", "language": null, "element": "type", "qualifier": "publication", "schema": "dc"}, {"key": "dc.format.content", "value": "fulltext", "language": null, "element": "format", "qualifier": "content", "schema": "dc"}, {"key": "dc.rights.url", "value": "https://creativecommons.org/licenses/by/4.0/", "language": null, "element": "rights", "qualifier": "url", "schema": "dc"}]
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