Greenness ratings and green bond liquidity

Gregor Dorfleitner, Jens Eckberg and Sebastian Utz

Finance Research Letters, 2023, vol. 55, issue PA

Abstract: Using a global panel dataset of 3,496 green bonds and conducting regressions, we find a positive relationship between greenness ratings from second-party opinions (SPOs) and green bond liquidity. Green bonds from corporate and municipal issuers with a greenness rating show higher liquidity than green bonds without a greenness rating. For financial institutions and other public issuers besides municipalities, we find no effect of greenness ratings on green bond liquidity.

Keywords: Green bonds; Liquidity; External review; Second-party opinion; Shade of green; Climate finance; Impact investing (search for similar items in EconPapers)
Date: 2023
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Citations: View citations in EconPapers (3)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:finlet:v:55:y:2023:i:pa:s1544612323002416

DOI: 10.1016/j.frl.2023.103869

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