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UID:54f7752ac245fb8deb2237f13e662ea1
DTSTAMP:20261017T082654Z
SUMMARY:Daniel Garrett - Wharton School of Business\, University of Pennsyl
 vania
DESCRIPTION: \n\nWe study the supply and pricing dynamics of environmental\
 , social and\ngovernance (ESG) labels in the context of municipal bonds. M
 ost\neligible bonds are issued without ESG labels.\n\nLocal beliefs\, issu
 ance terms and low creditworthiness are associated\nwith less labeling con
 ditional on eligibility. Using a\ndifference-in-differences design\, we pr
 ovide within-bond evidence that\nreducing ESG-related uncertainty is value
 d by investors. We find a 3-4\nbasis point premium for assessed bonds rega
 rdless of label\neligibility. The marginal greenium for higher environment
 al or\ntransparency scores on assessed bonds is smaller but significant.\n
 Pricing effects are consistent across local characteristics and larger\nfo
 r revenue bonds with observable credit risk suggesting a mismatch\nbetween
  supply of and demand for ESG labels and information.\n 
DTSTART:20261023T143000Z
DTEND:20261023T160000Z
LOCATION:Gerri C. LeBow Hall\, 3220 Market Street\, 1139\, Philadelphia\, P
 A 19104
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