{"id":"https://openalex.org/W3016567243","doi":"https://doi.org/10.3905/jai.2020.1.096","title":"Green Bond Pricing: The Search for Greenium","display_name":"Green Bond Pricing: The Search for Greenium","publication_year":2020,"publication_date":"2020-04-16","ids":{"openalex":"https://openalex.org/W3016567243","doi":"https://doi.org/10.3905/jai.2020.1.096","mag":"3016567243"},"language":"en","primary_location":{"id":"doi:10.3905/jai.2020.1.096","doi":"https://doi.org/10.3905/jai.2020.1.096","is_oa":false,"landing_page_url":"https://doi.org/10.3905/jai.2020.1.096","pdf_url":null,"source":{"id":"https://openalex.org/S38909374","display_name":"The Journal of Alternative Investments","issn_l":"1520-3255","issn":["1520-3255","2168-8435"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-b","anvur-scientific","cwts-core","fnege-4","jufo-1","norway-1","poland-40","russia-white-list-2"],"host_organization":null,"host_organization_name":null,"host_organization_lineage":[],"host_organization_lineage_names":[],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"The Journal of Alternative Investments","raw_type":"journal-article"},"volume":null,"type":"article","is_traditional":true,"indexed_in":["crossref"],"open_access":{"is_oa":false,"oa_status":"closed","oa_url":null,"any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5042149584","display_name":"Candace Partridge","orcid":null,"observed_orcids":[]},"institutions":[{"id":"https://openalex.org/I45129253","display_name":"University College London","ror":"https://ror.org/02jx3x895","country_code":"GB","type":"education","lineage":["https://openalex.org/I124357947","https://openalex.org/I45129253"]}],"countries":["GB"],"is_corresponding":false,"raw_author_name":"Candace Partridge","raw_affiliation_strings":["is a visiting researcher of the Institute of Finance and Technology at University College London in London, UK. candace.partridge@ucl.ac.uk"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"is a visiting researcher of the Institute of Finance and Technology at University College London in London, UK. candace.partridge@ucl.ac.uk","institution_ids":["https://openalex.org/I45129253"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5006824195","display_name":"Francesca Medda","orcid":"https://orcid.org/0000-0002-7951-7680","observed_orcids":["https://orcid.org/0000-0002-7951-7680"]},"institutions":[{"id":"https://openalex.org/I45129253","display_name":"University College London","ror":"https://ror.org/02jx3x895","country_code":"GB","type":"education","lineage":["https://openalex.org/I124357947","https://openalex.org/I45129253"]}],"countries":["GB"],"is_corresponding":false,"raw_author_name":"Francesca Romana Medda","raw_affiliation_strings":["is the director of the Institute of Finance and Technology at University College London in London, UK. f.medda@ucl.ac.uk"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"is the director of the Institute of Finance and Technology at University College London in London, UK. f.medda@ucl.ac.uk","institution_ids":["https://openalex.org/I45129253"]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":1,"corresponding_author_ids":[],"corresponding_institution_ids":["https://openalex.org/I45129253"],"apc_list":null,"apc_paid":null,"fwci":3.0943,"has_fulltext":false,"cited_by_count":38,"citation_normalized_percentile":{"value":0.91554997,"is_in_top_1_percent":false,"is_in_top_10_percent":true},"cited_by_percentile_year":{"min":93,"max":100},"biblio":{"volume":"23","issue":"1","first_page":"49","last_page":"56"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T13146","display_name":"Sustainable Finance and Green Bonds","score":0.9994999766349792,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T13146","display_name":"Sustainable Finance and Green Bonds","score":0.9994999766349792,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T11496","display_name":"Credit Risk and Financial Regulations","score":0.00039999998989515007,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10047","display_name":"Financial Markets and Investment Strategies","score":9.999999747378752e-05,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/green-bonds","display_name":"green bonds","score":0.9869999885559082},{"id":"https://openalex.org/keywords/greenium","display_name":"greenium","score":0.9399999976158142},{"id":"https://openalex.org/keywords/green-premium","display_name":"green premium","score":0.9639999866485596},{"id":"https://openalex.org/keywords/bond-pricing","display_name":"bond pricing","score":0.7990000247955322},{"id":"https://openalex.org/keywords/municipal-bonds","display_name":"municipal bonds","score":0.8669999837875366},{"id":"https://openalex.org/keywords/corporate-bonds","display_name":"corporate bonds","score":0.7310000061988831},{"id":"https://openalex.org/keywords/secondary-market","display_name":"secondary market","score":0.7149999737739563},{"id":"https://openalex.org/keywords/primary-market","display_name":"primary market","score":0.7850000262260437},{"id":"https://openalex.org/keywords/sustainable-finance","display_name":"sustainable finance","score":0.7229999899864197},{"id":"https://openalex.org/keywords/esg-investing","display_name":"ESG investing","score":0.8889999985694885},{"id":"https://openalex.org/keywords/fixed-income","display_name":"fixed income","score":0.5339999794960022}],"concepts":[{"id":"https://openalex.org/C138170105","wikidata":"https://www.wikidata.org/wiki/Q1337949","display_name":"Issuer","level":2,"score":0.8560026288032532},{"id":"https://openalex.org/C69738904","wikidata":"https://www.wikidata.org/wiki/Q11693","display_name":"Bond","level":2,"score":0.7309306859970093},{"id":"https://openalex.org/C90994476","wikidata":"https://www.wikidata.org/wiki/Q486901","display_name":"Secondary market","level":3,"score":0.6082650423049927},{"id":"https://openalex.org/C120310109","wikidata":"https://www.wikidata.org/wiki/Q3239315","display_name":"Fixed income","level":3,"score":0.5838344097137451},{"id":"https://openalex.org/C197142791","wikidata":"https://www.wikidata.org/wiki/Q540626","display_name":"Bond market","level":2,"score":0.5704591274261475},{"id":"https://openalex.org/C206913280","wikidata":"https://www.wikidata.org/wiki/Q1349203","display_name":"Primary market","level":4,"score":0.5693326592445374},{"id":"https://openalex.org/C2780999293","wikidata":"https://www.wikidata.org/wiki/Q6503112","display_name":"Corporate bond","level":3,"score":0.5604316592216492},{"id":"https://openalex.org/C106159729","wikidata":"https://www.wikidata.org/wiki/Q2294553","display_name":"Financial economics","level":1,"score":0.48192453384399414},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.47066888213157654},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.46923643350601196},{"id":"https://openalex.org/C32959826","wikidata":"https://www.wikidata.org/wiki/Q2361268","display_name":"Bond valuation","level":3,"score":0.4553632140159607},{"id":"https://openalex.org/C194115793","wikidata":"https://www.wikidata.org/wiki/Q1284784","display_name":"Bond market index","level":3,"score":0.4448445439338684},{"id":"https://openalex.org/C2776089235","wikidata":"https://www.wikidata.org/wiki/Q1347273","display_name":"Municipal bond","level":3,"score":0.41657736897468567},{"id":"https://openalex.org/C27548731","wikidata":"https://www.wikidata.org/wiki/Q88272","display_name":"Investment (military)","level":3,"score":0.4147909879684448},{"id":"https://openalex.org/C556758197","wikidata":"https://www.wikidata.org/wiki/Q580018","display_name":"Monetary economics","level":1,"score":0.3703901767730713},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.3285553455352783},{"id":"https://openalex.org/C17744445","wikidata":"https://www.wikidata.org/wiki/Q36442","display_name":"Political science","level":0,"score":0.0},{"id":"https://openalex.org/C200870193","wikidata":"https://www.wikidata.org/wiki/Q11691","display_name":"Stock exchange","level":2,"score":0.0},{"id":"https://openalex.org/C151730666","wikidata":"https://www.wikidata.org/wiki/Q7205","display_name":"Paleontology","level":1,"score":0.0},{"id":"https://openalex.org/C2780299701","wikidata":"https://www.wikidata.org/wiki/Q475000","display_name":"Stock market","level":3,"score":0.0},{"id":"https://openalex.org/C199539241","wikidata":"https://www.wikidata.org/wiki/Q7748","display_name":"Law","level":1,"score":0.0},{"id":"https://openalex.org/C86803240","wikidata":"https://www.wikidata.org/wiki/Q420","display_name":"Biology","level":0,"score":0.0},{"id":"https://openalex.org/C94625758","wikidata":"https://www.wikidata.org/wiki/Q7163","display_name":"Politics","level":2,"score":0.0},{"id":"https://openalex.org/C2780762169","wikidata":"https://www.wikidata.org/wiki/Q5905368","display_name":"Horse","level":2,"score":0.0}],"mesh":[],"locations_count":2,"locations":[{"id":"doi:10.3905/jai.2020.1.096","doi":"https://doi.org/10.3905/jai.2020.1.096","is_oa":false,"landing_page_url":"https://doi.org/10.3905/jai.2020.1.096","pdf_url":null,"source":{"id":"https://openalex.org/S38909374","display_name":"The Journal of Alternative Investments","issn_l":"1520-3255","issn":["1520-3255","2168-8435"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-b","anvur-scientific","cwts-core","fnege-4","jufo-1","norway-1","poland-40","russia-white-list-2"],"host_organization":null,"host_organization_name":null,"host_organization_lineage":[],"host_organization_lineage_names":[],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"The Journal of Alternative Investments","raw_type":"journal-article"},{"id":"pmh:oai:eprints.ucl.ac.uk.OAI2:10121376","doi":null,"is_oa":false,"landing_page_url":"https://discovery.ucl.ac.uk/id/eprint/10121376/","pdf_url":null,"source":{"id":"https://openalex.org/S4306400024","display_name":"UCL Discovery (University College London)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I45129253","host_organization_name":"University College London","host_organization_lineage":["https://openalex.org/I45129253"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"Journal of Alternative Investments , 23 (1) pp. 49-56. (2020)","raw_type":"Article"}],"best_oa_location":null,"sustainable_development_goals":[],"study_designs":[],"awards":[],"funders":[],"has_content":{"pdf":false,"grobid_xml":false},"content_urls":null,"referenced_works_count":15,"referenced_works":["https://openalex.org/W2083029510","https://openalex.org/W2496684649","https://openalex.org/W2789511191","https://openalex.org/W2790717244","https://openalex.org/W2885080652","https://openalex.org/W2898118685","https://openalex.org/W2898125139","https://openalex.org/W2898312348","https://openalex.org/W2899458624","https://openalex.org/W2917965976","https://openalex.org/W2964985148","https://openalex.org/W2973001544","https://openalex.org/W3005653696","https://openalex.org/W3021841362","https://openalex.org/W3124306390"],"related_works":["https://openalex.org/W3042343041","https://openalex.org/W4410807264","https://openalex.org/W3130268760","https://openalex.org/W3184867972","https://openalex.org/W3090531046","https://openalex.org/W7056753625","https://openalex.org/W7056974675","https://openalex.org/W3205500863","https://openalex.org/W3118788110","https://openalex.org/W4297921508"],"abstract_inverted_index":{"Green":[0],"bonds":[1,222],"are":[2,19,216],"a":[3,29,43,59,71,78,101,142,150,184,203,210],"novel":[4],"way":[5,175],"to":[6,26,66,97,136,191,219],"help":[7],"unlock":[8],"finance":[9],"for":[10,50,58,153,224],"investment":[11],"in":[12,36,46,103,106,132,155,163,181,197],"sustainable":[13],"development.":[14],"Some":[15],"issuers":[16,215],"and":[17,52,77,87,92,109,116],"investors":[18,193],"watching":[20],"this":[21,169],"market":[22,178],"with":[23],"keen":[24],"interest":[25],"see":[27],"whether":[28,137],"green":[30,82,145,214],"premium\u2014or":[31],"\u201cgreenium\u201d\u2014arises.":[32],"The":[33,68],"current":[34],"consensus":[35],"the":[37,47,74,107,133,156,164,174,177,198,231],"literature":[38,76,134],"is":[39,42,63,100,128,141,149,179,188],"that":[40,126,162,176,182],"there":[41,99,127,140,148],"detectable":[44],"greenium":[45,60,104,154,211],"secondary":[48,110,157,199],"markets":[49],"corporate":[51],"US":[53,165],"municipal":[54,83,166],"bonds,":[55],"but":[56],"evidence":[57],"at":[61,186,212],"issue":[62,187],"more":[64],"difficult":[65],"detect.":[67],"authors":[69],"provide":[70],"summary":[72],"of":[73,80,173,206,226,230],"pricing":[75,85,227],"description":[79],"their":[81,221],"bond":[84,167,185],"analyses":[86],"then":[88],"unpack":[89],"these":[90],"findings":[91],"offer":[93],"an":[94],"explanation":[95],"as":[96,135],"why":[98],"difference":[102],"behavior":[105],"primary":[108],"markets.":[111,158],"TOPICS:ESG":[112],"investing,":[113],"fixed":[114],"income":[115],"structured":[117],"finance,":[118],"performance":[119],"measurement":[120],"Key":[121],"Findings":[122],"\u2022":[123,159,201],"We":[124,160],"find":[125],"no":[129],"clear":[130],"pattern":[131],"or":[138,144],"not":[139,217],"\u201cgreenium,\u201d":[143],"premium,":[146],"although":[147],"stronger":[151],"signal":[152],"assert":[161],"market,":[168],"effect":[170],"arises":[171],"because":[172],"constructed,":[180],"buying":[183,195],"less":[189],"accessible":[190],"smaller":[192],"than":[194],"one":[196],"market.":[200,232],"Without":[202],"significant":[204],"number":[205],"price":[207,220],"points":[208],"showing":[209],"issue,":[213],"incentivized":[218],"higher":[223],"fear":[225],"themselves":[228],"out":[229]},"counts_by_year":[{"year":2026,"cited_by_count":15},{"year":2025,"cited_by_count":6},{"year":2024,"cited_by_count":4},{"year":2023,"cited_by_count":3},{"year":2022,"cited_by_count":5},{"year":2021,"cited_by_count":3},{"year":2020,"cited_by_count":2}],"updated_date":"2026-11-07T11:25:07.637180","created_date":"2020-04-24T00:00:00"}
