Aug 2026· International Journal of Financial Studies· Vol 14, pp. 219· 0 citations· 25 references
Abstract
The opportunities in green investment have propelled the green bond market at a time when climate change has emerged as a critical issue. As more investors express a preference for environmentally responsible investments, the popularity of green bonds remains high. Such considerations motivate the exploration of the relationship between these instruments and different assets to better appreciate their potential benefits. This paper examines the relationship between green bonds and various financial markets, including conventional bonds, equities, oil, and clean energy stocks, using daily return data from July 2014 to October 2024. Hence, the cross-quantilogram approach is employed to explore how Economic Policy Uncertainty (EPU) and Financial Market Uncertainty (VIX) influence these dependence structures. The empirical results suggest a strong correlation between green bonds and conventional bonds. Moreover, green bonds can serve as a diversification tool for investors in stock, oil, and clean energy markets. The uncertainty measures do not provide any information that could affect the dependence structures among these markets.
In this study, the green bond market is investigated with respect to its connectedness with certain international financial markets, employing the Quantile-on-Quantile Regression (QQR) technique that is used to measure this connectedness. Green bonds have emerged as a significant financial tool for financing low-carbon...
Azhar Hussain, Mahwish Zafar, Waqas Khan· Journal of Global Social Tra...· 0 citations
Purpose: This paper explores the asymmetric and state-dependent dependence relationship of the S&P Green Bond Index with six international markets and assesses whether such dependence patterns are correlated with the risk-reduction benefit associated with holding a green bond portfolio.Design/Methodology: The analysis...
Sustainable finance increasingly treats green assets as instruments for climate-risk hedging; however, it remains unclear whether they protect investors during energy-market shocks and financial-market stress or merely transmit different transition, equity-market, and growth risks. This study asks whether green assets...
C. Tiwari, Mohd. Abass Bhat, S. Khan et al.· Journal of Risk and Financia...· 0 citations
This study proposes to examine the return performance of green bonds and conventional bonds throughout Southeast Asian financial markets. As environmental issues and sustainability objectives increasingly shape global investment choices, green bonds have arisen as an innovative financial tool for funding sustainable in...
Muhammad Akmal Dwiputranto, Anita Juwita· Socio-Economic and Humanisti...· 0 citations
This paper examines directional quantile dependence from green bonds, clean energy markets, and carbon markets to the return states of five literature-classified green cryptocurrencies. Using daily returns from 25 September 2019 to 23 May 2025, we estimate static cross-quantilograms on a 19×19 quantile grid at lags 1,...
Although prior research has highlighted the growing importance of green bonds and their sensitivity to environmental conditions, evidence regarding the existence of a green‐bond premium (“greenium”) remains inconclusive. As an innovative financial instrument whose valuation depends partly on the credibility of its en...
Hui-Min Zhao, Xiao-Feng Xu, Jing A. Zhang· Business Strategy and the En...· 0 citations
We use cookies to run the site and, with your consent, for analytics and to show ads.
See our Cookie Policy.
