scholarly journals Do Investors Pay Yield Premiums On Green Bonds?

2020 ◽  
Vol 14 (2) ◽  
pp. 7-21
Author(s):  
Anna Mikhaylova ◽  
Irina Ivashkovskaya
Keyword(s):  
Emerging Markets ◽  
Large Scale ◽  
High Growth ◽  
Bond Market ◽  
Environmental Concerns ◽  
Public Authorities ◽  
Developed Markets ◽  
Financial Research ◽  
New Evidence ◽  
Bid Ask Spreads

Global shifts in perspectives on environmental concerns and the growing significance of large-scale sustainabilityprograms have brought the issue of green financing to the fore of financial research. In terms of volume, this area hasdemonstrated high growth rates in various types of capital markets.Unfortunately, few studies exist which explore the yields on green bonds in emerging markets in comparison todeveloped ones. As such, in this paper, we contribute new evidence to the field of green financing and outline severalmajor differences between green issues in these types of capital markets.We study yield premiums of green bonds on a sample of 2,450 green issues and comparable traditional bonds over theperiod from 2008 to March 2020. We contribute to the literature by new empirical evidence on green financing.Our results provide evidence of small but statistically significant negative premiums on green bonds of 23,4%1 comparedto the expected yields for standard issues. We also show that the negative premium on green bonds is more pronouncedin developed markets (- 27%2) than in emerging ones (18%3). Moreover, we provide new evidence on the negativepremium-liquidity relationship. Our research concludes that negative premiums are related to a higher level of liquidity:green bonds have lower bid-ask spreads and a higher level of liquidity than traditional ones.These conclusions can assist investors, potential issuing companies, and public authorities in achieving a betterunderstanding of the current situation of the green bond market in global terms.

scholarly journals The Alternative Business History: Business in Emerging Markets

2017 ◽  
Vol 91 (3) ◽  
pp. 537-569 ◽  
Author(s):  
Gareth Austin ◽  
Carlos Dávila ◽  
Geoffrey Jones
Keyword(s):  
Emerging Markets ◽  
Large Scale ◽  
State Intervention ◽  
Business History ◽  
Developed Economies ◽  
Corporate Strategies ◽  
Developed Markets ◽  
History Of ◽  
Corporate Social ◽  
Developed World

This article suggests that the business history of emerging markets should be seen as an alternative business history, rather than merely adding new settings to explore established core debates. The discipline of business history evolved around the corporate strategies and structures of developed economies. The growing literature on the business history of emerging markets addresses contexts that are different from those of developed markets. These regions had long eras of foreign domination, had extensive state intervention, faced institutional inefficiencies, and experienced extended turbulence. This article suggests that this context drove different business responses than are found in the developed world. Entrepreneurs counted more than managerial hierarchies; immigrants and diaspora were critical sources of entrepreneurship; illegal and informal forms of business were common; diversified business groups rather than the M-form became the major form of large-scale business; corporate strategies to deal with turbulence were essential; and radical corporate social-responsibility concepts were pursued by some firms.

Kasper Rorsted: "The drivers are high growth and profitability in the emerging markets."

IESE Insight ◽  
2010 ◽  
Vol 6 ◽  
pp. 45-49
Author(s):  
Kasper Rorsted ◽  
Jaume Ribera Segura
Keyword(s):  
Emerging Markets ◽  
High Growth

The Impact of Quantitative Easing on Emerging Markets – Literature Review

e-Finanse ◽  
2018 ◽  
Vol 14 (4) ◽  
pp. 67-76
Author(s):  
Piotr Bartkiewicz
Keyword(s):  
Emerging Markets ◽  
Large Scale ◽  
Empirical Literature ◽  
Quantitative Easing ◽  
Methodological Choices ◽  
The Subject ◽  
Methodological Approaches ◽  
The Impact ◽  
Sufficient Precision

AbstractThe article presents the results of the review of the empirical literature regarding the impact of quantitative easing (QE) on emerging markets (EMs). The subject is of interest to policymakers and researchers due to the increasingly larger role of EMs in the world economy and the large-scale capital flows occurring after 2009. The review is conducted in a systematic manner and takes into consideration different methodological choices, samples and measurement issues. The paper puts the summarized results in the context of transmission channels identified in the literature. There are few distinct methodological approaches present in the literature. While there is a consensus regarding the direction of the impact of QE on EMs, its size and durability have not yet been assessed with sufficient precision. In addition, there are clear gaps in the empirical findings, not least related to relative underrepresentation of the CEE region (in particular, Poland).

Consumer Behavior in Emerging Markets

2018 ◽  
pp. 218-240 ◽  
Author(s):  
Raquel Castaño ◽  
David Flores
Keyword(s):  
Consumer Behavior ◽  
Emerging Markets ◽  
Emerging Market ◽  
High Income ◽  
Future Research ◽  
Psychological Processes ◽  
Developed Markets ◽  
Contextual Characteristics ◽  
Initial Framework

Emerging markets are substantially different from markets in high-income, industrialized societies. While many aspects of consumer behavior are the result of inherent psychological processes and are, thus, generalizable across countries and cultures, the specific contextual characteristics of emerging markets can significantly influence other aspects of consumer behavior. In this chapter, we explore the behavior of emerging market consumers. This chapter reviews the existing literature and proposes an initial framework delineating the main differences between emerging markets and developed markets consumers that describe how consumers in these societies recognize a need for, select, evaluate, buy, and use products. The chapter discusses the issues and contributions of the research on emerging consumers and presents implications of extant research for international managers. Finally, the chapter elaborates on an agenda for future research in this area.

scholarly journals Beyond Newgrange: Brú na Bóinne in the later Neolithic

2021 ◽  
pp. 1-30
Author(s):  
Stephen Davis ◽  
Knut Rassmann
Keyword(s):  
Large Scale ◽  
Morphological Characteristics ◽  
World Heritage ◽  
Geophysical Survey ◽  
World Heritage Site ◽  
Late Neolithic ◽  
Non Invasive ◽  
Heritage Site ◽  
New Evidence

The Brú na Bóinne World Heritage Site, Ireland is best known for its megalithic monuments, in particular the great developed passage tombs of Knowth, Dowth, and Newgrange, and its abundance of megalithic art. However, our understanding of the wider Brú na Bóinne landscape has changed beyond all recognition in the last decade owing to the application of modern, non-invasive survey technologies – in particular LiDAR and large-scale geophysical survey – and most recently as a result of the hot, dry summer of 2018 which revealed a series of remarkable cropmarks between Newgrange and the River Boyne. Despite a lack of excavation it can be argued, based on their morphological characteristics, that many of the structures revealed belong within the corpus of late Neolithic ritual/ceremonial structures, including earthen henges, square-in-circle monuments, palisaded enclosures, and pit/post-alignments. These display both extraordinary diversity, yet also commonality of design and architecture, both as a group and with the passage tombs that preceded them. This paper provides an up-to-date survey of the late Neolithic and presumed late Neolithic landscape of Brú na Bóinne. It provides new evidence and new insights from ongoing survey campaigns, suggesting parallels within the British Neolithic but also insular development within some monument classes.

scholarly journals The history of settlement and agrarian land use in a boreal forest in Värmland, Sweden, new evidence from pollen analysis

2021 ◽  
Author(s):  
Sigrún Dögg Eddudóttir ◽  
Eva Svensson ◽  
Stefan Nilsson ◽  
Anneli Ekblom ◽  
Karl-Johan Lindholm ◽  
...  
Keyword(s):  
Land Use ◽  
Pollen Analysis ◽  
Large Scale ◽  
Pollen Grains ◽  
Ice Age ◽  
Valuable Insight ◽  
Archaeological Survey ◽  
History Of ◽  
New Evidence ◽  
Insight Into

AbstractShielings are the historically known form of transhumance in Scandinavia, where livestock were moved from the farmstead to sites in the outlands for summer grazing. Pollen analysis has provided a valuable insight into the history of shielings. This paper presents a vegetation reconstruction and archaeological survey from the shieling Kårebolssätern in northern Värmland, western Sweden, a renovated shieling that is still operating today. The first evidence of human activities in the area near Kårebolssätern are Hordeum- and Cannabis-type pollen grains occurring from ca. 100 bc. Further signs of human impact are charcoal and sporadic occurrences of apophyte pollen from ca. ad 250 and pollen indicating opening of the canopy ca. ad 570, probably a result of modification of the forest for grazing. A decrease in land use is seen between ad 1000 and 1250, possibly in response to a shift in emphasis towards large scale commodity production in the outlands. Emphasis on bloomery iron production and pitfall hunting may have caused a shift from agrarian shieling activity. The clearest changes in the pollen assemblage indicating grazing and cultivation occur from the mid-thirteenth century, coinciding with wetter climate at the beginning of the Little Ice Age. The earliest occurrences of anthropochores in the record predate those of other shieling sites in Sweden. The pollen analysis reveals evidence of land use that predates the results of the archaeological survey. The study highlights how pollen analysis can reveal vegetation changes where early archaeological remains are obscure.

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