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|a 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.
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Fatica, Serena, Panzica, Roberto Calogero |
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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. |
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Sustainable finance, climate change, green bonds, institutional investors |
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Fatica, Serena VerfasserIn aut, Sustainable investing in times of crisis evidence from bond holdings and the COVID-19 pandemic Fatica, Serena, Panzica, Roberto, Ispra European Commission 2021, 1 Online-Ressource (circa 39 Seiten) Illustrationen, Text txt rdacontent, Computermedien c rdamedia, Online-Ressource cr rdacarrier, JRC working papers in economics and finance 2021, 7, DE-206 Open Access Controlled Vocabulary for Access Rights http://purl.org/coar/access_right/c_abf2, 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., DE-206 Namensnennung 4.0 International CC BY 4.0 cc https://creativecommons.org/licenses/by/4.0/, Sustainable finance, climate change, green bonds, institutional investors, (DE-206)13 Amtsdruckschrift DE-206, (DE-206)34 Graue Literatur DE-206, Panzica, Roberto Calogero 1984- VerfasserIn (DE-588)1155503449 (DE-627)1017767556 (DE-576)501686355 aut, JRC working papers in economics and finance 2021, 7 2021,7 (DE-627)1045321028 (DE-576)515868086 (DE-600)2954761-1 2467-2203, https://ec.europa.eu/jrc/sites/default/files/jrc125769.pdf Verlag kostenfrei, https://EconPapers.repec.org/RePEc:jrs:wpaper:202107 Verlag kostenfrei, http://hdl.handle.net/10419/250157 Resolving-System kostenfrei, https://ec.europa.eu/jrc/sites/default/files/jrc125769.pdf LFER, LFER 2021-11-10T18:20:45Z |
| spellingShingle |
Fatica, Serena, Panzica, Roberto Calogero, Sustainable investing in times of crisis: evidence from bond holdings and the COVID-19 pandemic, JRC working papers in economics and finance, 2021, 7, 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., Sustainable finance, climate change, green bonds, institutional investors, Amtsdruckschrift, Graue Literatur |
| title |
Sustainable investing in times of crisis: evidence from bond holdings and the COVID-19 pandemic |
| title_auth |
Sustainable investing in times of crisis evidence from bond holdings and the COVID-19 pandemic |
| title_full |
Sustainable investing in times of crisis evidence from bond holdings and the COVID-19 pandemic Fatica, Serena, Panzica, Roberto |
| title_fullStr |
Sustainable investing in times of crisis evidence from bond holdings and the COVID-19 pandemic Fatica, Serena, Panzica, Roberto |
| title_full_unstemmed |
Sustainable investing in times of crisis evidence from bond holdings and the COVID-19 pandemic Fatica, Serena, Panzica, Roberto |
| title_in_hierarchy |
2021, 7. Sustainable investing in times of crisis: evidence from bond holdings and the COVID-19 pandemic (2021) |
| title_short |
Sustainable investing in times of crisis |
| title_sort |
sustainable investing in times of crisis evidence from bond holdings and the covid 19 pandemic |
| title_sub |
evidence from bond holdings and the COVID-19 pandemic |
| topic |
Sustainable finance, climate change, green bonds, institutional investors, Amtsdruckschrift, Graue Literatur |
| topic_facet |
Sustainable finance, climate change, green bonds, institutional investors, Amtsdruckschrift, Graue Literatur |
| url |
https://ec.europa.eu/jrc/sites/default/files/jrc125769.pdf, https://EconPapers.repec.org/RePEc:jrs:wpaper:202107, http://hdl.handle.net/10419/250157 |
