{"id":"https://openalex.org/W4286294362","doi":"https://doi.org/10.17016/ifdp.2022.1346","title":"The Green Corporate Bond Issuance Premium","display_name":"The Green Corporate Bond Issuance Premium","publication_year":2022,"publication_date":"2022-06-01","ids":{"openalex":"https://openalex.org/W4286294362","doi":"https://doi.org/10.17016/ifdp.2022.1346"},"language":"en","primary_location":{"id":"doi:10.17016/ifdp.2022.1346","doi":"https://doi.org/10.17016/ifdp.2022.1346","is_oa":true,"landing_page_url":"https://doi.org/10.17016/ifdp.2022.1346","pdf_url":null,"source":{"id":"https://openalex.org/S4210204989","display_name":"International Finance Discussion Paper","issn_l":"1073-2500","issn":["1073-2500","2767-4509"],"is_oa":true,"is_in_doaj":false,"is_core":true,"listed_in":["cwts-core"],"host_organization":null,"host_organization_name":null,"host_organization_lineage":[],"host_organization_lineage_names":[],"type":"journal"},"license":"public-domain","license_id":"https://openalex.org/licenses/public-domain","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"International Finance Discussion Papers","raw_type":"journal-article"},"volume":null,"type":"article","indexed_in":["crossref"],"open_access":{"is_oa":true,"oa_status":"diamond","oa_url":"https://doi.org/10.17016/ifdp.2022.1346","any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5086557262","display_name":"John Caramichael","orcid":"https://orcid.org/0000-0003-3653-4971","observed_orcids":["https://orcid.org/0000-0003-3653-4971"]},"institutions":[{"id":"https://openalex.org/I1317239608","display_name":"Federal Reserve","ror":"https://ror.org/05fk5tr28","country_code":"US","type":"other","lineage":["https://openalex.org/I1317239608"]},{"id":"https://openalex.org/I2802905149","display_name":"Federal Reserve Board of Governors","ror":"https://ror.org/00v448643","country_code":"US","type":"government","lineage":["https://openalex.org/I1317239608","https://openalex.org/I2802905149"]}],"countries":["US"],"is_corresponding":false,"raw_author_name":"John Caramichael","raw_affiliation_strings":["Board of Governors of the Federal Reserve System (U.S.)"],"raw_orcid":"https://orcid.org/0000-0003-3653-4971","affiliations":[{"raw_affiliation_string":"Board of Governors of the Federal Reserve System (U.S.)","institution_ids":["https://openalex.org/I1317239608","https://openalex.org/I2802905149"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5075826115","display_name":"Andreas C. Rapp","orcid":"https://orcid.org/0000-0003-4800-9154","observed_orcids":["https://orcid.org/0000-0003-4800-9154"]},"institutions":[{"id":"https://openalex.org/I1317239608","display_name":"Federal Reserve","ror":"https://ror.org/05fk5tr28","country_code":"US","type":"other","lineage":["https://openalex.org/I1317239608"]},{"id":"https://openalex.org/I2802905149","display_name":"Federal Reserve Board of Governors","ror":"https://ror.org/00v448643","country_code":"US","type":"government","lineage":["https://openalex.org/I1317239608","https://openalex.org/I2802905149"]}],"countries":["US"],"is_corresponding":false,"raw_author_name":"Andreas C. Rapp","raw_affiliation_strings":["Board of Governors of the Federal Reserve System (U.S.)"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Board of Governors of the Federal Reserve System (U.S.)","institution_ids":["https://openalex.org/I1317239608","https://openalex.org/I2802905149"]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":2,"corresponding_author_ids":[],"corresponding_institution_ids":[],"apc_list":null,"apc_paid":null,"fwci":5.86,"has_fulltext":false,"cited_by_count":36,"citation_normalized_percentile":{"value":0.96520728,"is_in_top_1_percent":false,"is_in_top_10_percent":true},"cited_by_percentile_year":{"min":89,"max":99},"biblio":{"volume":null,"issue":"1346","first_page":"1","last_page":"46"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T13146","display_name":"Sustainable Finance and Green Bonds","score":0.9984999895095825,"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":0.9984999895095825,"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":0.0012000000569969416,"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":0.0,"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":0.9980000257492065},{"id":"https://openalex.org/keywords/greenium","display_name":"greenium","score":0.8560000061988831},{"id":"https://openalex.org/keywords/corporate-bond-issuance","display_name":"corporate bond issuance","score":0.6499999761581421},{"id":"https://openalex.org/keywords/yield-spreads","display_name":"yield spreads","score":0.6589999794960022},{"id":"https://openalex.org/keywords/sustainable-asset-management","display_name":"sustainable asset management","score":0.753000020980835},{"id":"https://openalex.org/keywords/eu-sustainability-regulation","display_name":"EU sustainability regulation","score":0.6470000147819519},{"id":"https://openalex.org/keywords/banking","display_name":"banking sector","score":0.6520000100135803},{"id":"https://openalex.org/keywords/developed-countries","display_name":"developed countries","score":0.7269999980926514}],"concepts":[{"id":"https://openalex.org/C69738904","wikidata":"https://www.wikidata.org/wiki/Q11693","display_name":"Bond","level":2,"score":0.8205344676971436},{"id":"https://openalex.org/C138170105","wikidata":"https://www.wikidata.org/wiki/Q1337949","display_name":"Issuer","level":2,"score":0.7980920076370239},{"id":"https://openalex.org/C2780999293","wikidata":"https://www.wikidata.org/wiki/Q6503112","display_name":"Corporate bond","level":3,"score":0.6040780544281006},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.5318700075149536},{"id":"https://openalex.org/C556758197","wikidata":"https://www.wikidata.org/wiki/Q580018","display_name":"Monetary economics","level":1,"score":0.4720730781555176},{"id":"https://openalex.org/C2779343474","wikidata":"https://www.wikidata.org/wiki/Q3109175","display_name":"Context (archaeology)","level":2,"score":0.4705515205860138},{"id":"https://openalex.org/C39389867","wikidata":"https://www.wikidata.org/wiki/Q380767","display_name":"Corporate governance","level":2,"score":0.464194655418396},{"id":"https://openalex.org/C2780224610","wikidata":"https://www.wikidata.org/wiki/Q1530061","display_name":"Credibility","level":2,"score":0.45557326078414917},{"id":"https://openalex.org/C144929662","wikidata":"https://www.wikidata.org/wiki/Q750178","display_name":"Basis point","level":3,"score":0.4385731518268585},{"id":"https://openalex.org/C106159729","wikidata":"https://www.wikidata.org/wiki/Q2294553","display_name":"Financial economics","level":1,"score":0.3807917833328247},{"id":"https://openalex.org/C73283319","wikidata":"https://www.wikidata.org/wiki/Q1416617","display_name":"Financial system","level":1,"score":0.3797348141670227},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.341243714094162},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.2542024254798889},{"id":"https://openalex.org/C151730666","wikidata":"https://www.wikidata.org/wiki/Q7205","display_name":"Paleontology","level":1,"score":0.0},{"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/C86803240","wikidata":"https://www.wikidata.org/wiki/Q420","display_name":"Biology","level":0,"score":0.0},{"id":"https://openalex.org/C199539241","wikidata":"https://www.wikidata.org/wiki/Q7748","display_name":"Law","level":1,"score":0.0}],"mesh":[],"locations_count":3,"locations":[{"id":"doi:10.17016/ifdp.2022.1346","doi":"https://doi.org/10.17016/ifdp.2022.1346","is_oa":true,"landing_page_url":"https://doi.org/10.17016/ifdp.2022.1346","pdf_url":null,"source":{"id":"https://openalex.org/S4210204989","display_name":"International Finance Discussion Paper","issn_l":"1073-2500","issn":["1073-2500","2767-4509"],"is_oa":true,"is_in_doaj":false,"is_core":true,"listed_in":["cwts-core"],"host_organization":null,"host_organization_name":null,"host_organization_lineage":[],"host_organization_lineage_names":[],"type":"journal"},"license":"public-domain","license_id":"https://openalex.org/licenses/public-domain","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"International Finance Discussion Papers","raw_type":"journal-article"},{"id":"pmh:oai:RePEc:fip:fedgif:1346","doi":null,"is_oa":false,"landing_page_url":"https://www.federalreserve.gov/econres/ifdp/files/ifdp1346.pdf","pdf_url":"https://www.federalreserve.gov/econres/ifdp/files/ifdp1346.pdf","source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"preprint"},{"id":"pmh:oai:RePEc:eee:jbfina:v:162:y:2024:i:c:s0378426624000463","doi":null,"is_oa":false,"landing_page_url":"http://www.sciencedirect.com/science/article/pii/S0378426624000463","pdf_url":null,"source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"article"}],"best_oa_location":{"id":"doi:10.17016/ifdp.2022.1346","doi":"https://doi.org/10.17016/ifdp.2022.1346","is_oa":true,"landing_page_url":"https://doi.org/10.17016/ifdp.2022.1346","pdf_url":null,"source":{"id":"https://openalex.org/S4210204989","display_name":"International Finance Discussion Paper","issn_l":"1073-2500","issn":["1073-2500","2767-4509"],"is_oa":true,"is_in_doaj":false,"is_core":true,"listed_in":["cwts-core"],"host_organization":null,"host_organization_name":null,"host_organization_lineage":[],"host_organization_lineage_names":[],"type":"journal"},"license":"public-domain","license_id":"https://openalex.org/licenses/public-domain","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"International Finance Discussion Papers","raw_type":"journal-article"},"sustainable_development_goals":[{"score":0.5351999998092651,"display_name":"Climate action","id":"https://metadata.un.org/sdg/13"}],"sustainable_development_goals_aurora":[{"score":0.5799999833106995,"display_name":"Industry, innovation and infrastructure","id":"https://metadata.un.org/sdg/9"}],"study_designs":[],"awards":[],"funders":[],"has_content":{"pdf":false,"grobid_xml":false},"content_urls":null,"referenced_works_count":4,"referenced_works":["https://openalex.org/W2905488820","https://openalex.org/W3006308717","https://openalex.org/W3016567243","https://openalex.org/W4226069972"],"related_works":["https://openalex.org/W3130268760","https://openalex.org/W4394621043","https://openalex.org/W4410616526","https://openalex.org/W7081698629","https://openalex.org/W4293578021","https://openalex.org/W7167306552","https://openalex.org/W4410807264","https://openalex.org/W7111461656","https://openalex.org/W4292967050","https://openalex.org/W7056753625"],"abstract_inverted_index":{"We":[0,22],"study":[1],"a":[2,30,109],"global":[3,147],"panel":[4],"of":[5,51,58,80,102,137],"green":[6,19,27,91,138,143],"and":[7,53,85,127],"conventional":[8,41],"bonds":[9,28,139],"to":[10,40,77,95,118],"assess":[11],"the":[12,56,59,73,98,100,103,113,124,135,146],"borrowing":[13,44],"cost":[14,45],"advantage":[15],"at":[16],"issuance":[17],"for":[18,97,134],"bond":[20,83,86,92],"issuers.":[21],"find":[23,71],"that,":[24],"on":[25],"average,":[26],"have":[29,108,132],"yield":[31],"spread":[32],"that":[33,72],"is":[34,75,115],"8":[35],"basis":[36],"points":[37],"lower":[38],"relative":[39],"bonds.":[42],"This":[43],"advantage,":[46],"or":[47],"greenium,":[48,99],"emerges":[49],"as":[50],"2019":[52],"coincides":[54],"with":[55],"growth":[57],"sustainable":[60],"asset":[61],"management":[62],"industry":[63],"following":[64],"EU":[65],"regulation.":[66],"Within":[67],"this":[68],"context,":[69],"we":[70],"greenium":[74,114],"linked":[76],"two":[78],"proxies":[79],"demand":[81],"pressure,":[82],"oversubscription":[84],"index":[87],"inclusion.":[88],"Moreover,":[89],"while":[90],"governance":[93],"appears":[94],"matter":[96],"credibility":[101],"underlying":[104],"projects":[105],"does":[106],"not":[107],"significant":[110],"impact.":[111],"Instead,":[112],"unevenly":[116],"distributed":[117],"large,":[119],"investment-grade":[120],"issuers,":[121],"primarily":[122],"within":[123],"banking":[125],"sector":[126],"developed":[128],"economies.":[129],"These":[130],"findings":[131],"implications":[133],"role":[136],"in":[140],"incentivizing":[141],"meaningful":[142],"investments":[144],"throughout":[145],"economy.":[148]},"counts_by_year":[{"year":2026,"cited_by_count":4},{"year":2025,"cited_by_count":6},{"year":2024,"cited_by_count":14},{"year":2023,"cited_by_count":11},{"year":2022,"cited_by_count":1}],"updated_date":"2026-10-17T09:40:24.721904","created_date":"2022-07-21T00:00:00"}