“正午阳光——青年学者论坛”是金融学院定期举办的以院内师生参与为主的学术交流活动，为全院专家学者之间、师生之间、南开金融与国际国内学术界之间提供了难得的交流机会。本学期“正午阳光”论坛初心不改，扬帆远航再出发，致力于营造学院学校科研氛围，推动师生学术科研水平不断提升！

2024年春季学期 “正午阳光——青年学者论坛”第九期活动安排如下：

讲座题目：

The Emerging Greenium

主讲人：

王宝链，佛罗里达大学Warrington商学院终身副教授。王宝链教授的研究领域为实证资产定价，投资者行为，中国经济等。他的文章发表于Journal of Finance, Journal of Financial Economics, Review of Financial Studies, Management Science等国际顶级学术杂志。

点评人：

田达，南开大学金融学院助理教授。博士毕业于佛罗里达大学Warrington商学院金融系。

讲座时间：2024年5月16日（周四）12:00-13:30

讲座地点：金融学院116教室

内容摘要

We examine whether and to what extent investors are willing to forego financial returns in exchange for non-pecuniary benefits in the United States municipal bond market. We match municipal green bonds to otherwise almost identical non-green bonds from 2013 to 2022. Comparing 1,027 pairs of exact matches, we find green bonds are issued at a lower yield after 2018, with the average greenium being 2.3 basis points. The underwriter discount difference between green bonds and their matches was positive before 2018 and has become negative in recent years. The increase in greenium and the decline in underwriter discount coincide with the increase in Environmental, Social, and Governance (ESG) investment. The size of greenium is positively correlated with state-level green preferences and bond-level greenness. The term structure of greenium is downward sloped.