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学术活动预告:The Price of Greenness: Some Evidence from Green Bond Markets 2018年11月5日
2018-11-01 16:29:00

演讲题目: The Price of Greenness: Some Evidence from Green Bond Markets

主讲人:Dr. Donghyun Park, Principal Economist, Asian Development Bank

评论人:董维佳 博士

主持人:李远芳 博士

时间:2018 年 11 月 5 日(周一)14:00–15:30

地点:世经政所西会议室(1518)

本次讲座由世经政所国际金融研究中心(RCIF)主办。

        主讲人简介:Dr. Donghyun Park is currently Principal Economist at the Economics Research and Regional Cooperation Department (ERCD) of the Asian Development Bank (ADB), which he joined in April 2007. Prior to joining ADB, he was a tenured Associate Professor of Economics at Nanyang Technological University in Singapore. Dr. Park has a Ph.D. in economics from UCLA, and his main research fields are international finance, international trade, and development economics. His research, which has been published extensively in journals and books, revolves around policy-oriented topics relevant for Asia’s long-term development, including middle-income trap, service sector development, and financial sector development. Dr. Park plays a leading role in the production of Asian Development Outlook, ADB’s flagship annual publication.

        讲座提纲:We empirically investigate how greenness is priced in green bond markets. Using liquidity-adjusted yield premium of green bonds over their synthetic conventional bonds, we explore determinants of green bond premium. Our evidence shows that on average there is no significant yield premium or discount on green bonds compared to their paired conventional bonds. However, green bonds that are certified by an external reviewer and CBI enjoy green discounts of 7 bps and 9 bps, respectively. Our findings suggest that developing universally accepted standard and definition of greenness will improve the pricing of green bonds and foster the development of green bond markets.

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