Sergey Grishunin, Associate Professor of the School of Finance, presented the results of his research at GrEnFin Project Final Conference

Sergey Grishunin, Associate Professor of the School of Finance, took part in GrEnFin (Greening Energy Market and Finance) Project Final Conference in Bologna on October 21, 2022.

Sergei shared the results of his research “In Search of Greenium. Empirical Analysis of Risk Premiums in the European Green Bond Market». The objective of the research was to explore the existence and determinants of greenium in Europe. The relevance of the research was underpinned by mixed evidence on the existence of ‘greenium in various corporate bond markets and the lack of a clear understanding of the determinants of green bond yields. The sample included 3,851 green and conventional bonds in the European debt markets over the period from 2007 to 2021. The results showed that the climate corporate bonds in Europe are priced at discount to the same-risk conventional corporate bonds. The magnitude of greenium in the whole European green bond market was around 4 bps. However, the significant greenium was not discovered in the several green bond markets of the UK, France, Netherlands, and Germany.

The research was carried out in the scientific and educational laboratory “Corporate Finance Centre” at the School of Finance of HSE. Key areas of interest of the laboratory: financing policy, the efficiency of mergers and other acquisitions of companies, the financial architecture of companies and finance of sustainable development.

The GrEnFIn project aims to train Professionals and Students to become Sustainable Energy Experts. In line with the key elements of the Innovation Union and the EU Higher Education Modernization Agenda, the GrEnFIn Erasmus+/Knowledge Alliance project aims at providing to the Sustainable Energy experts professional in the field of Green Finance, Climate and Business, Energy Transition the new findings and development in the field.