Greenium of green securitization: Does external certification matter? DOI Creative Commons
Xiru Li, Bo Zhu, Yufei Zhang

et al.

PLoS ONE, Journal Year: 2024, Volume and Issue: 19(8), P. e0306814 - e0306814

Published: Aug. 12, 2024

The financing costs of green asset-backed securities (ABS) are deeply affected by the increased information asymmetry and greenwashing risk resulting from transferring in securitization. To attract potential investors, many ABS issuers obtain external certifications, yet it is unclear whether they pay off financially. Based on a sample 588 issued China for 2016–2022, this paper examines impact certification form reputation financial intermediaries involved issuance yield discount over paired non-green ABS. empirical findings show that both certifications lower greenium serving as favorable signals mitigating concerns, especially non-financial industry exchange market. Moreover, credit enhance pricing effect intermediary but undermine certification. Our provide valuable implications to facilitate efficiency markets promote global low-carbon transition.

Language: Английский

Integrating ESG Principles into Smart Logistics: Toward Sustainable Supply Chains DOI

Leogrande Angelo

Published: Jan. 1, 2025

Download This Paper Open PDF in Browser Add to My Library Share: Permalink Using these links will ensure access this page indefinitely Copy URL DOI

Language: Английский

Citations

0
Greenium of green securitization: Does external certification matter? DOI Creative Commons
Xiru Li, Bo Zhu, Yufei Zhang

et al.

PLoS ONE, Journal Year: 2024, Volume and Issue: 19(8), P. e0306814 - e0306814

Published: Aug. 12, 2024

The financing costs of green asset-backed securities (ABS) are deeply affected by the increased information asymmetry and greenwashing risk resulting from transferring in securitization. To attract potential investors, many ABS issuers obtain external certifications, yet it is unclear whether they pay off financially. Based on a sample 588 issued China for 2016–2022, this paper examines impact certification form reputation financial intermediaries involved issuance yield discount over paired non-green ABS. empirical findings show that both certifications lower greenium serving as favorable signals mitigating concerns, especially non-financial industry exchange market. Moreover, credit enhance pricing effect intermediary but undermine certification. Our provide valuable implications to facilitate efficiency markets promote global low-carbon transition.

Language: Английский

Citations

1