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Master's Thesis from the year 2017 in the subject Economics - Finance, grade: A (Distinction), University of Edinburgh, course: MSc Carbon Finance - An Empirical analysis of the performance of the certificates and green labelling for green bonds, language: English, abstract: This paper conducts the first comparative analysis of the financial performance of the certification and the green labelling for green bonds. Based on a unique dataset of 22 certified, 16 self-labelled and 7 unlabelled green bonds, the study contrasts the financial performance of the three green bond classes over the…mehr

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Master's Thesis from the year 2017 in the subject Economics - Finance, grade: A (Distinction), University of Edinburgh, course: MSc Carbon Finance - An Empirical analysis of the performance of the certificates and green labelling for green bonds, language: English, abstract: This paper conducts the first comparative analysis of the financial performance of the certification and the green labelling for green bonds. Based on a unique dataset of 22 certified, 16 self-labelled and 7 unlabelled green bonds, the study contrasts the financial performance of the three green bond classes over the period 01/06/2016 to 13/07/2017. Over the full sample period, the labelled green bonds have significantly lower volatility than the unlabelled one, while there is no significant performance differences between the certified and self-labelled green bonds.In terms of the relationship between the labelling and the price/yield changes, no significant evidence is detected throughout the given period. Consequently, this paper's discovery concludes that the green labelling offers stakeholders the opportunity to reduce the volatility whereas the other effects on the price or yields are inconclusive.
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