Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/250157 
Erscheinungsjahr: 
2021
Schriftenreihe/Nr.: 
JRC Working Papers in Economics and Finance No. 2021/7
Verlag: 
European Commission, Ispra
Zusammenfassung: 
Using data on institutional investors' bond holdings, we investigate the resilience of green bonds to the COVID-19 shock in a difference-in-differences framework. We find that during the COVID outbreak green bonds experience lower sales, on average, while in normal times no significant differences emerge compared with conventional bonds. The result is robust across different investor classes and is not driven by those that have a longer-term investment horizon. Furthermore, we find that sustainability-oriented funds sell less of green bonds than their peers without sustainability concerns. We also document that the ownership of green fixed income securities is more concentrated than that of comparable conventional bonds, and that concentration has increased in the first quarter of 2020.
Schlagwörter: 
Sustainable finance
climate change
green bonds
institutional investors
JEL: 
G12
G20
Q52
Q53
Q54
Creative-Commons-Lizenz: 
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Dokumentart: 
Working Paper

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