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  • 2022
  • Article

The Pricing and Ownership of U.S. Green Bonds

By: Malcolm Baker, Daniel Bergstresser, George Serafeim and Jeffrey Wurgler
We study green bonds, which are bonds whose proceeds are used for environmentally sensitive purposes. After an overview of the U.S. corporate and municipal green bonds markets, we study pricing and ownership patterns using a simple framework that incorporates assets... View Details
Keywords: Green Bond; Pricing; Climate Finance; ESG; SRI; Sustainable; Municipal; Bonds; Environmental Sustainability; Financial Markets; Price; Ownership; United States
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  • 2021
  • Working Paper

The Green Bonding Hypothesis: How Do Green Bonds Enhance the Credibility of Environmental Commitments?

By: Shirley Lu
This paper proposes and provides evidence on a green bonding hypothesis, where green bonds act as a commitment device that subjects firms to institutions holding them accountable to their environmental promises. I find that green-bond issuers face higher climate change... View Details
Keywords: Bonding Hypothesis; Sustainable Finance; Climate Change; Corporate Social Responsibility and Impact; Environmental Sustainability; Bonds; Corporate Accountability
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  • January 2023
  • Case

The Ford Motor Company Green Bond

By: Vikram S Gandhi and James Barnett
In November 2021, Ford Motor Company offered a $2.5 billion green bond to finance investments in electrification. Issuance of green bonds significantly increased into the 2020s, and to date, the Ford Motor Company green bond was the largest such bond offered by a... View Details
Keywords: Finance; Bonds; Green Technology; Financial Services Industry; Auto Industry; United States
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  • 16 Jul 2018
  • News

Municipalities could benefit from issuing more green bonds

  • 03 Jan 2019
  • Working Paper Summaries

Financing the Response to Climate Change: The Pricing and Ownership of US Green Bonds

Keywords: by Malcolm Baker, Daniel Bergstresser, George Serafeim, and Jeffrey Wurgler
  • 20 Nov 2015
  • News

Gray Air and Green Bonds in China

    The Market for Green Securities

    We study green bonds, which are bonds whose proceeds are used for environmentally sensitive purposes. After an overview of the U.S. corporate and municipal green bonds markets, we study pricing and ownership patterns using a simple framework that incorporates assets... View Details

    • March 2018 (Revised April 2018)
    • Case

    Morgan Stanley: Building Long-Term Sustainability

    By: Vikram S. Gandhi and Lynn Schenk
    This case focuses on the 10-year journey of one of the world's largest global financial institutions developing a sustainability strategy and integrating it across all of its business units. The case provides a deep dive into the challenges and successes of trying to... View Details
    Keywords: Finance; Sustainability; Green Bonds; ESG; Environmental Sustainability; Strategy; Business Units; Integration; Financial Institutions
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    • Article

    Making 'Green Giants': Environment Sustainability in the German Chemical Industry, 1950s–1980s

    By: Geoffrey Jones and Christina Lubinski
    This article examines the evolution of corporate environmentalism in the West German chemical industry between the 1950s and the 1980s. It focuses on two companies, Bayer and Henkel, that have been identified as "green giants," and traces the evolution of their... View Details
    Keywords: Business History; Green Business; Regional Strategy; Pollution; Henkel; Bayer; Globalization; History; Chemical Industry; Germany; United States
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    • 08 Apr 2011
    • Research & Ideas

    Will the Japan Disaster Remake the Landscape for Green Energy in Asia?

    speaking on the current movement in Asia to shift to green and renewable energy sources. The event, moderated by HBS professor Ramana Nanda, was cosponsored by the student-run HBS Asia Business Club, Harvard Asia Law Society, and HKS East... View Details
    Keywords: by Dennis Fisher; Energy; Utilities
    • 2018
    • Working Paper

    Corporate Refinancing, Covenants, and the Agency Cost of Debt

    By: Daniel Green
    How valuable are restrictive debt covenants in reducing the agency costs of debt? I exploit the revealed preference decision to refinance fixed-coupon bonds, which weighs observable interest rate savings against the unobservable costs of a change in restrictive... View Details
    Keywords: Covenants; Refinancing; Corporate Bonds; Agency Costs; Debt Policy; Borrowing and Debt; Bonds; Interest Rates
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    • 29 Jan 2019
    • Research & Ideas

    'Green Bonds' May Be Our Best Bet for Environmental Damage Control

    Municipalities have been selling bonds to pay for public works projects—fire stations, parking garages,sewage treatment systems—for 200 years. It’s only in the past decade or so, however, that they’ve been selling them with an extra perk: helping the environment. In... View Details
    Keywords: by Michael Blanding; Energy; Utilities; Construction; Green Technology; Public Administration
    • March 2021
    • Supplement

    Making Impact Investing Markets: IFC (B)

    By: Shawn A. Cole, John Masko and T. Robert Zochowski
    In 2018, Thailand’s Bank of Ayudhya (known as Krungsri), was considering whether to participate in the first issue of a new financial instrument from the International Finance Corporation (IFC), known as a gender bond. Building on the success of the Green Bond program... View Details
    Keywords: Impact Investment; Development Economics; Developing Countries and Economies; Borrowing and Debt; Credit; Equity; Bonds; Financing and Loans; Growth and Development; Emerging Markets; Non-Governmental Organizations; Corporate Social Responsibility and Impact; Financial Instruments; Gender; Financial Services Industry; Thailand
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      Shirley Lu

      Shirley Lu is an assistant professor in the Accounting and Management Unit. She teaches the Financial Reporting and Control course in the MBA required curriculum.

      Professor Lu conducts research in the area of Corporate Social Responsibility (CSR) disclosure,... View Details

      • 10 Aug 2017
      • News

      Feedback: You Need To Lead It

      • August 2014 (Revised March 2016)
      • Case

      Thomas Cook Group on the Brink (A)

      By: Benjamin C. Esty, Stuart C. Gilson and Aldo Sesia
      Harriett Green, the newly appointed CEO of Thomas Cook Group, faces a daunting set of business and financial challenges at the 171-year old UK travel services company. The company has lost almost £600 million in the last three quarters; has seen its stock price fall... View Details
      Keywords: Turnaround; Corporate Restructuring; Change Leadership; Female Ceo; Change Management; Communication Strategy; Borrowing and Debt; Cash Flow; Cost Management; Financial Liquidity; Financial Management; Executive Compensation; Leading Change; Crisis Management; Value Creation; Travel Industry; United Kingdom
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        George Serafeim

        George Serafeim is the Charles M. Williams Professor of Business Administration at Harvard Business School, where he co-leads the Climate and Sustainability Impact Lab in the Digital, Data, and Design Institute. He teaches the course "Risks, Opportunities and... View Details

        Keywords: green technology; green technology; green technology; green technology; green technology; green technology; green technology
        • Web

        Stories

        Next Level How Sarah Bond (MBA 2006) is taking on the culture—and the future success—of the gaming industry Report on Giving 2024 Report on Giving 2024 Find out what 8,000+ alumni and friends made possible at HBS and beyond in the annual... View Details
        • 05 Mar 2013
        • First Look

        First Look: March 5

        emerging Asian markets. Paper: http://www.asiabusinessinsights.com/articles.html#sub_articles_E-commerce_in_Asia Issuer Quality and Corporate Bond Returns Authors:Greenwood, Robin, and Samuel G. Hanson Publication:Review of Financial... View Details
        Keywords: Sean Silverthorne
        • Web

        Impact Investments

        [3] Meanwhile, the year 2019 marked the highest recorded issuance of global green bonds and green loans, totaling $257.7 billion, an increase of 51% on the previous year. [4]... View Details