Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/289012 
Erscheinungsjahr: 
2020
Quellenangabe: 
[Journal:] Journal of Asset Management [ISSN:] 1479-179X [Volume:] 21 [Issue:] 2 [Publisher:] Palgrave Macmillan UK [Place:] London [Year:] 2020 [Pages:] 85-93
Verlag: 
Palgrave Macmillan UK, London
Zusammenfassung: 
The European Commission has proposed establishing a framework that redirects capital to sustainable investments in order to foster sustainable economic growth. A key proposal from this framework is the mandatory consideration of environmental criteria for investment decisions. However, in particular for bond investors, there is not much academic guidance on how to integrate sustainability criteria in the investment process. Hence, this study investigates the impact of environmental sustainability on the pricing of credit risk for European corporations. Furthermore, whether or not the credit worthiness of a corporation has a moderating effect on the relationship between the environmental sustainability and the credit risk premium is analyzed. The findings prove that more sustainable companies have lower credit risk premiums if they also have a high credit worthiness.
Schlagwörter: 
Sustainability
Environment
Default risk measurement
CDS spreads
JEL: 
G12
G32
M14
Q51
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Dokumentart: 
Article
Dokumentversion: 
Published Version

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