Gröna obligationer : Certifieringens betydelse ur ett investerarperspektiv

Sammanfattning: The aim of this study is to analyze and compare risk, volatility, yields as well as prices of green bonds, and whether they differ given certification or third party evaluation. The study bases its theoretical standpoint on bond risk, volatility and yield from a standpoint of the Merton as well as Jarrow & Turnbull models, as well as previous studies in the field. With a deductive approach, this study uses a multiple regression analysis, a quantitative method. This study has analyzed 24 green bonds issued between 2018-2020, out of a basis of 301 green bonds. No statistically verified differences were found in volatility, pricing or yield spread between certified and uncertified green bonds, however interesting indications of differences in volatility between regions, and an indication that issue size can affect yield.