Green bonds: a survey

Chiyoung Cheong, Jaewon Choi

Research output: Contribution to journalArticlepeer-review


This paper is a survey of recent academic developments in the literature on green bonds, which have become an important financial instrument in socially responsible investment. This study provides a review of papers that study the market pricing of green bonds, the economic and environmental effects of green bond financing, as well as legal and institutional issues in the green bond market. The literature on market pricing focuses mainly on the existence of greenium, which represents the extent to which green bonds carry a price premium over otherwise identical non-green counterparts. The literature on the economic and environmental effects mainly concerns stock market reaction to green bond issuance and associated economic value implications to other stakeholders, as well as investment in green projects. This paper discusses current issues in the green-bond market and avenues for future research.

Original languageEnglish (US)
Pages (from-to)175-189
Number of pages15
JournalJournal of Derivatives and Quantitative Studies
Issue number4
StatePublished - Dec 21 2020


  • Corporate social responsibility (CSR)
  • ESG
  • Green bonds
  • Green premium
  • Socially responsible investing (SRI)
  • Sustainable finance

ASJC Scopus subject areas

  • Finance


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