Who pays the greenium and why? A decomposition
研究发现绿色债券与普通债券的平均收益率差（绿色溢价）约为负3个基点，且主要由投资基金、银行和保险公司支付；其中投资基金的支付源于非金钱的可持续偏好，而银行的支付则与金融摩擦相关。
The average yield differential between a green and a matched conventional bond (“greenium”) is statistically and economically significant and amounts to roughly minus 3 basis points. We decompose this greenium along the bonds’ ownership structure and document that investment funds, banks and insurance companies pay most of it. Dissecting further, the greenium paid by investment funds (and their clients) is mostly explained by an average level effect, confirming the narrative that these investors have non-pecuniary sustainability preferences. The greenium paid by banks is markedly different and cannot be explained by such preferences. Rather banks both overweight specific green bonds with a sizable greenium and underweight green bonds without any sizable greenium, pointing towards an interaction between the greenium and bank-related financial frictions.