商品描述
Green bonds have evolved from niche to systemically relevant instruments for reallocating capital toward a low-carbon, circular economy. This book offers a rigorous, accessible guide to green finance--using Europe as the main laboratory--and maps the landscape of labelled instruments while addressing risks such as greenwashing and data fragmentation. It traces the regulatory architecture--from the EU Taxonomy to the European Green Bond framework and supervisory standards--showing how credible definitions, disclosure, and verification underpin market integrity. The book also clarifies how green bonds differ from conventional debt through use-of-proceeds discipline, ex-ante/post-issuance reporting, and independent external review. Its empirical core examines primary-market issuance yields (the greenium): once controlling for rating, sector, size, and timing, the average greenium is not statistically different from zero; any discount is concentrated in the market's early expansion and appears tied to scarcity and disclosure credibility rather than the label per se. Finally, the book provides a forward agenda on taxonomy alignment, decision-useful MRV/assurance, and the role of AI in impact measurement and risk management. The volume serves scholars, students, regulators, and practitioners financing environmentally sustainable projects.
商品描述(中文翻譯)
綠色債券已從小眾工具演變為系統性相關的資本重新配置工具，旨在推動低碳循環經濟。本書提供了一本嚴謹且易於理解的綠色金融指南——以歐洲作為主要實驗室——並描繪了標籤工具的全景，同時探討了如綠色洗牌（greenwashing）和數據碎片化等風險。它追溯了監管架構——從歐盟分類法（EU Taxonomy）到歐洲綠色債券框架及監管標準——顯示出可信的定義、披露和驗證如何支撐市場的完整性。
本書還闡明了綠色債券如何通過資金用途紀律、發行前/發行後報告以及獨立外部審查與傳統債務區別開來。其實證核心檢視了初級市場發行收益（綠色溢價，greenium）：在控制評級、行業、規模和時機後，平均綠色溢價在統計上並不顯著不同於零；任何折扣都集中在市場的早期擴張，並且似乎與稀缺性和披露的可信度有關，而非標籤本身。
最後，本書提供了一個關於分類法對齊、決策有用的監測、報告和驗證（MRV）/保證，以及人工智慧在影響測量和風險管理中的角色的前瞻性議程。本書適合學者、學生、監管機構及從事環境可持續項目融資的實務工作者。
作者簡介
Antonella Francesca Cicchiello is Associate Professor of Finance at the IAE Business School -Buenos Aires (Argentina). Dr. Cicchiello's teaching and research activities focus on entrepreneurial finance, FinTech, and corporate finance. She also takes an interest in Corporate Social Responsibility (CSR), green finance, and sustainable finance. She has published extensively in both academic and practitioner journals, including the European Journal of Finance, Energy Economics, International Review of Financial Analysis, Finance Research Letters, Journal of Business & Industrial Marketing, Journal of International Financial Management & Accounting, Journal of Emerging Market Finance, and the Journal of International Financial Markets, Institutions & Money. Additionally, Dr Cicchiello serves on the editorial boards of the International Review of Environmental and Resource Economics, the International Journal of Emerging Markets, the European Journal of International Management, the International Journal of Applied Management Science, the World Review of Entrepreneurship, Management and Sustainable Development, and Cogent Economics & Finance. She is also a Research Associate at the Banks - Banking Research School - Centre of Piacenza, Italy. Salvatore Perdichizzi is an Associate Professor of Finance in the Department of Economics and Management "Marco Fanno" at the University of Padua. He is also a Research Fellow at SCANCOR, Stanford University, and serves as an Associate Editor of Finance Research Letters. His research spans monetary policy transmission, empirical banking, green and sustainable finance, and credit- and sovereign-debt dynamics. He has published in leading journals such as the Journal of Banking & Finance, British Accounting Review, Energy Economics, Industrial and Corporate Change, International Review of Financial Analysis, Economics Letters, and Finance Research Letters. Dr. Perdichizzi is a Research Associate and member of the steering committee of the Yunus Social Business Centre (Bologna). He was a visiting research fellow at Stanford University, Bayes Business School, and the University of Exeter.
作者簡介(中文翻譯)
安東內拉·弗朗西斯卡·奇基耶洛是阿根廷布宜諾斯艾利斯IAE商學院的金融副教授。奇基耶洛博士的教學和研究活動專注於創業金融、金融科技（FinTech）和企業金融。她也對企業社會責任（CSR）、綠色金融和可持續金融感興趣。她在多個學術和實務期刊上發表了大量文章，包括歐洲金融期刊、能源經濟學、國際金融分析評論、金融研究快報、商業與工業行銷期刊、國際金融管理與會計期刊、新興市場金融期刊以及國際金融市場、機構與貨幣期刊。此外，奇基耶洛博士還擔任國際環境與資源經濟學評論、國際新興市場期刊、歐洲國際管理期刊、應用管理科學國際期刊、全球創業、管理與可持續發展評論以及Cogent經濟與金融的編輯委員會成員。她同時也是意大利皮亞琴察銀行研究學校的研究助理。
薩爾瓦托雷·佩爾迪基齊是帕多瓦大學「馬爾科·法諾」經濟與管理系的金融副教授。他同時是斯坦福大學SCANCOR的研究員，並擔任金融研究快報的副編輯。他的研究範圍包括貨幣政策傳導、實證銀行、綠色與可持續金融，以及信貸和主權債務動態。他在多個領先的期刊上發表過文章，如銀行與金融期刊、英國會計評論、能源經濟學、產業與企業變革、國際金融分析評論、經濟學快報和金融研究快報。佩爾迪基齊博士是尤努斯社會企業中心（博洛尼亞）的研究助理及指導委員會成員。他曾在斯坦福大學、貝葉斯商學院和埃克塞特大學擔任訪問研究員。
