{"id":7730,"date":"2019-04-29T11:03:12","date_gmt":"2019-04-29T09:03:12","guid":{"rendered":"https:\/\/www.uni.lu\/fr\/events\/financing-the-response-to-climate-change-the-pricing-and-ownership-of-u-s-green-bonds\/"},"modified":"2019-04-29T11:03:12","modified_gmt":"2019-04-29T09:03:12","slug":"financing-the-response-to-climate-change-the-pricing-and-ownership-of-u-s-green-bonds","status":"publish","type":"events","link":"https:\/\/www.uni.lu\/fr\/events\/financing-the-response-to-climate-change-the-pricing-and-ownership-of-u-s-green-bonds\/","title":{"rendered":"Financing the Response to Climate Change: The Pricing and Ownership of U.S. Green Bonds"},"content":{"rendered":"

Estimates suggest that mitigating and adapting to climate change will cost trillions of<\/p>

dollars. We study green bonds, which are bonds whose proceeds are used for<\/p>

environmentally sensitive purposes. After an overview of the U.S. corporate and<\/p>

municipal green bonds markets, we study pricing and ownership patterns using a simple<\/p>

framework that incorporates assets with nonpecuniary utility. As predicted, we find that<\/p>

green municipal bonds are issued at a premium to otherwise similar ordinary bonds. We<\/p>

also confirm that green bonds, particularly small or essentially riskless ones, are more<\/p>

closely held than ordinary bonds. These pricing and ownership effects are strongest for<\/p>

bonds that are externally certified as green.<\/p><\/div><\/section>","protected":false},"excerpt":{"rendered":"

Estimates suggest that mitigating and adapting to climate change will cost trillions ofdollars. We study green bonds, which are bonds whose proceeds are used forenvironmentally sensitive purposes. After an overview of the U.S. corporate andmunicipal green bonds markets, we study pricing and ownership patterns using a simpleframework that incorporates assets with nonpecuniary utility. As predicted, we find thatgreen municipal bonds are issued at a premium to otherwise similar ordinary bonds. Wealso confirm that green bonds, particularly small or essentially riskless ones, are moreclosely held than ordinary bonds. These pricing and ownership effects are strongest forbonds that are externally certified as green.<\/p>\n","protected":false},"author":0,"featured_media":7731,"parent":0,"menu_order":0,"comment_status":"open","ping_status":"closed","template":"","format":"standard","meta":{"featured_image_focal_point":[],"show_featured_caption":false,"ulux_newsletter_groups":"","uluxPostTitle":"","uluxPrePostTitle":"","_trash_the_other_posts":false,"_price":"","_stock":"","_tribe_ticket_header":"","_tribe_default_ticket_provider":"","_tribe_ticket_capacity":"0","_ticket_start_date":"","_ticket_end_date":"","_tribe_ticket_show_description":"","_tribe_ticket_show_not_going":false,"_tribe_ticket_use_global_stock":"","_tribe_ticket_global_stock_level":"","_global_stock_mode":"","_global_stock_cap":"","_tribe_rsvp_for_event":"","_tribe_ticket_going_count":"","_tribe_ticket_not_going_count":"","_tribe_tickets_list":"[]","_tribe_ticket_has_attendee_info_fields":false,"event_start_date":"2019-05-07 12:30:00","event_end_date":"2019-05-07 13:45:00","event_speaker_name":"Jeffrey Wurgler ","event_speaker_link":"","event_is_online":false,"event_location":"JFK Building \r\n29, avenue Kennedy\r\nL-1855 Luxembourg\r\nGround Floor, Nancy-Metz Room","event_street":"","event_location_link":"","event_zip_code":"","event_city":"","event_country":"LU"},"events-topic":[309],"events-type":[],"organisation":[116,101,226],"authorship":[],"acf":[],"yoast_head":"\nFinancing the Response to Climate Change: The Pricing and Ownership of U.S. Green Bonds - Universit\u00e9 du Luxembourg<\/title>\n<meta name=\"description\" content=\"Estimates suggest that mitigating and adapting to climate change will cost trillions ofdollars. We study green bonds, which are bonds whose proceeds are used forenvironmentally sensitive purposes. After an overview of the U.S. corporate andmunicipal green bonds markets, we study pricing and ownership patterns using a simpleframework that incorporates assets with nonpecuniary utility. As predicted, we find thatgreen municipal bonds are issued at a premium to otherwise similar ordinary bonds. Wealso confirm that green bonds, particularly small or essentially riskless ones, are moreclosely held than ordinary bonds. These pricing and ownership effects are strongest forbonds that are externally certified as green.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.uni.lu\/fr\/events\/financing-the-response-to-climate-change-the-pricing-and-ownership-of-u-s-green-bonds\/\" \/>\n<meta property=\"og:locale\" content=\"fr_FR\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Financing the Response to Climate Change: The Pricing and Ownership of U.S. Green Bonds\" \/>\n<meta property=\"og:description\" content=\"Estimates suggest that mitigating and adapting to climate change will cost trillions ofdollars. We study green bonds, which are bonds whose proceeds are used forenvironmentally sensitive purposes. 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