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dc.contributor.advisorBodnar, Gordon M
dc.contributor.advisorZia, Bilal H
dc.contributor.advisorVegh, Carlos A
dc.contributor.advisorKocher, Matthew A
dc.creatorFernandes Lopes, Otavio Augusto
dc.date.accessioned2022-06-17T18:30:43Z
dc.date.available2022-06-17T18:30:43Z
dc.date.created2021-12
dc.date.issued2022-02-11
dc.date.submittedDecember 2021
dc.identifier.urihttp://jhir.library.jhu.edu/handle/1774.2/66947
dc.description.abstractThroughout the 20th century it became clear that anthropogenic activity is the main factor in the rapid climate shift resulting from temperature increases. In capital markets this challenge has been dealt with mainly through the classification of certain assets as green and, more recently, the Environmental Social and Governance (“ESG”) scoring of assets and funds. This doctoral thesis has investigated the impact that green bond issuances in the USA had on greenhouse gas (“GHG”) emissions reported at a facility level to the Environmental Protection Agency (“EPA”). It also compares ESG denominated funds and non ESG denominated funds to define if they are statistically different between them and when compared to the SP500. The analysis concludes that first time green bond issuances are corelated to statistically significant reductions in GHG emissions by the facilities associated with a green bond parent firm even using 99% confidence intervals. It further shows that there is no clear pattern to when green assets related to an issuance are created, making lagged or leading effects of treatment not obvious. The innovative approach, using facility level data, sets the steps for future analysis when more data may be available. The analysis also concludes that ESG labelled exchange traded funds (“ETFs”) are not able to statistically differentiate themselves from non-ESG ETFs nor the SP500 in terms of industry allocation. When analyzing E, S, G and ESG scores we found mixed results. Group average E, S, G and ESG scores were not statistically different under the Wilcoxon Signed-Rank test. However, there was no significant evidence that ESG ETFs and non-ESG ETFs have the same median S, G and ESG scores when using non-averaged data under the Wilcoxon Rank-Sum test, which means that they differentiate enough to be considerate different.
dc.format.mimetypeapplication/pdf
dc.language.isoen_US
dc.publisherJohns Hopkins University
dc.subjectEconomics
dc.subjectCapital Markets
dc.subjectGreen Bond
dc.subjectESG
dc.subjectEnvironmental, Social and Governance
dc.subjectSustainability
dc.subjectExchange Traded Funds
dc.subjectETF
dc.subjectClimate Change
dc.subjectBonds
dc.subjectFunding
dc.subjectGreenhouse Gas
dc.subjectGHG
dc.subject
dc.titleTWO STUDIES IN GREEN FINANCE: HAVE GREEN BONDS BEEN DELIVERING ON THEIR PROMISE TO MAKE THE ENVIRONMENT MORE SUSTAINABLE IN THE FACE OF CLIMATE CHANGE? AND DO ENVIRONMENTAL, SOCIAL AND GOVERNANCE LABELLED FUNDS CREATE A DIFFERENT INVESTMENT ALTERNATIVE OR ARE THEY MORE OF THE SAME?
dc.typeThesis
thesis.degree.disciplineEconomics
thesis.degree.grantorJohns Hopkins University
thesis.degree.grantorSchool of Advanced International Studies
thesis.degree.levelDoctoral
thesis.degree.nameD.I.A.
dc.date.updated2022-06-17T18:30:43Z
dc.type.materialtext
thesis.degree.departmentEconomics
dc.publisher.countryUSA
dc.creator.orcid0000-0002-9689-0399


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