We study a global panel of green and conventional corporate bonds to assess the borrowing
cost advantage at issuance for green bond issuers. We find that, on average, green …

Using security-level bookbuilding data, we analyze the pricing and demand for green bond
offerings (GBOs) compared to their conventional counterparts. We show that greenium …

In this paper, we provide the first empirical evidence on corporate bond flipping. Analyzing
2002-2018 insurer trades, we estimate that flipping accounts for 30% of trading volume …

We empirically study how inventory constraints of underwriters affect corporate bond
offerings. Using underwriter-insurer-level transaction data, we find that a more constrained …

We provide the first evidence that passive investors participate in the primary market for
corporate bonds, despite the fact that these bonds are not yet included in their benchmark …

This paper examines if green bonds incur underpricing or overpricing, that is, a" greenium",
at issuance. Using a global sample of 830 liquid green bonds priced between March 20 …

This paper examines the primary-dealers' returns in post-auction resale markets for treasury
bonds, assesses the prevalence of losses and gains and their consequences for the …