The effects of “deep” uncertainty on the firms’ decisions to issue green bonds is studied in a structural model, where there is ambiguity about the effectiveness of the financed environmental projects and on the investors’ green perception in portfolio choices. Ambiguity affects default, the credit spreads and the so-called “greenium” and has an impact on investors’ optimal portfolio decisions. A survey on different modelling and interpretations of ambiguity is also presented.

Ambiguity in financing corporate mitigation policies

Agliardi, E
;
2021

Abstract

The effects of “deep” uncertainty on the firms’ decisions to issue green bonds is studied in a structural model, where there is ambiguity about the effectiveness of the financed environmental projects and on the investors’ green perception in portfolio choices. Ambiguity affects default, the credit spreads and the so-called “greenium” and has an impact on investors’ optimal portfolio decisions. A survey on different modelling and interpretations of ambiguity is also presented.
Handbook of Sustainable Politics and Economics of natural Resources
349
365
Agliardi, E; Spanjers, W.
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Utilizza questo identificativo per citare o creare un link a questo documento: http://hdl.handle.net/11585/834594
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