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  1. Decarbonization of buildings in Canadian cities
    using property assessed clean energy financing to attract private capital
    Author: Stewart, Robert
    Published: [2023]
    Publisher:  Institute on Municipal Finance & Governance, Toronto, Ontario

    Access:
    Verlag (kostenfrei)
    Resolving-System (kostenfrei)

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    VS 562
    Inter-library loan:
    No inter-library loan
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    Source: Union catalogues
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9780772710765
    Other identifier:
    hdl: 1807/130906
    Series: IMFG papers on municipal finance and governance ; 2023, no. 65
    Subjects: property assessed clean energy financing; PACE financing; sustainability linked bonds; SLBs; building decarbonization; energy performance contracting; EPC; guaranteed savings; shared savings
    Scope: 1 Online-Ressource (circa 49 Seiten), Illustrationen
  2. The economics of sustainability linked bonds
    Author: Berrada, Tony; Engelhardt, Leonie; Gibson, Rajna; Krüger, Philipp
    Published: [2022]
    Publisher:  Swiss Finance Institute, Geneva

    We develop a conceptual framework to understand the incentive structure and pricing mechanisms of Sustainability-Linked-Bonds (SLBs). The model allows us to characterize the conditions under which an SLB is incentive compatible for a firm. We further... more

    Access:
    Resolving-System (kostenfrei)
    Verlag (kostenfrei)
    Verlag (kostenfrei)

    Location:
    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
    Inter-library loan:
    No inter-library loan

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    VS 544
    Inter-library loan:
    No inter-library loan

     

    We develop a conceptual framework to understand the incentive structure and pricing mechanisms of Sustainability-Linked-Bonds (SLBs). The model allows us to characterize the conditions under which an SLB is incentive compatible for a firm. We further derive a novel measure which identifies the extent of mispricing and potential wealth transfers between claim-holders at issuance. The model also allows us to compare the correct market yield of SLBs to the standard yield quoted by the industry. The comparison of the two yields suggests that the industry generally overstates the yield discount for firms that issue SLBs. The model generates several testable predictions. For instance, we provide evidence that SLBs which are overpriced according to our measure experience negative returns in the secondary market after issuance. We further show that for these overpriced bonds, the stock price reaction at issuance is significantly positive, which is consistent with a wealth transfer from bond - to shareholders Finally, we document a significant relationship between the mispricing measure and the issuing firms’ ESG ratings, a relationship that is complex and non-linear

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    Series: Research paper series / Swiss Finance Institute ; no 22, 26
    ECGI working paper series in finance ; no 820 (March 2022)
    Subjects: ESG investing; sustainability linked bonds; security design; managerial incentives; mispricing
    Scope: 1 Online-Ressource (circa 59 Seiten), Illustrationen