Sustainable Debt and Capital Costs: The Impact of Green Bonds on Corporate Financing
This thesis investigates whether European industrial firms issuing green bonds enjoy a borrowing-cost advantage, so called a “greenium.” Using a sample of 1,305 euro-denominated issues from 2014 to mid-2025, we estimate fixed-effects OLS regressions of yield-to-maturity on a green-bond indicator, controlling for tenor, issuer size, leverage, interest coverage, credit rating, industry, issuer, and
