Please use this identifier to cite or link to this item: https://scholarbank.nus.edu.sg/handle/10635/224319
Title: IS THERE A PREMIUM FOR GREEN BONDS IN CHINA’S REAL ESTATE MARKET
Authors: DAVIAN SOH HONG MING
Keywords: China
Greenium
Green Bonds
Real Estate
ESG
Issue Date: 20-Apr-2022
Citation: DAVIAN SOH HONG MING (2022-04-20). IS THERE A PREMIUM FOR GREEN BONDS IN CHINA’S REAL ESTATE MARKET. ScholarBank@NUS Repository.
Abstract: As the issuance of green bonds start to gain popularity in the financial market, serval contradicting studies have been published over the years attempting to identify the presence of a premium associated with the “green” label. Huang & Zhang (2021) concluded that the environmental benefits of green financing are most effective in the most polluted countries. Hence using this conclusion as a basis of the study, this paper will be looking solely at the real estate sector in China, with 2 main objectives (1) Identifying the presence of green premium (2) Identifying an ideal pricing model for green bonds. A sample of 64 Green bonds issued by 36 Real Estate companies in China issued between 2017 to 2022 will be the main subject of study in this paper. The ordinary least square multivariate regression, Propensity Score Matching and Nearest Neighbour matching methodologies are applied in this paper to determine the presence of green premium A positive premium in yield has been identified in this study, in line with similar research on green premium in the real estate sector. This result signifies that it is risker for issuers to issue green bonds as compared to conventional bonds in China’s Real estate sector. After establishing the presence of greenium, this study identified that the interaction between maturity and coupon rate has a greater impact on askYTM as compared to considering the individual factors.
URI: https://scholarbank.nus.edu.sg/handle/10635/224319
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