Gianfranco Gianfrate and co-authors win SIDREA prize for research on the market impact of green bonds' external reviews
Written on 11 Oct 2024.
We are pleased to announce that the Italian Society of Accounting and Business Administration (SIDREA) has awarded Gianfranco Gianfrate, Professor of Finance at EDHEC Business School and Research Director at EDHEC-Risk Climate Impact Institute, and co-authors Marco Ghitti, Florencio Lopez-de-Silanes, and Marco Spinelli the Commission on Internationalization Project Prize for the ‘Best Scientific Article Published in an International Journal in 2023’ for their article “What’s in a shade? The Market Relevance of green bonds’ external reviews", published in The British Accounting Review.
This article explores the financial advantages of green bonds, highlighting investors' willingness to pay a premium for independently certified green bonds, and the critical role of reliable sustainability credentials in today's financial markets.
“Green bonds have grown exponentially, but investors are now wondering how “green” they really are”, says Gianfranco Gianfrate.
“This award constitutes an important recognition for the work done with my co-authors Gianfranco Gianfrate, Florencio Lopez-de-Silanes and Marco Spinelli. In this work we address the topic of green bonds with a global coverage and highlight how investors are sensitive to the actual environmental impact that projects financed with such bonds may have”, says Marco Ghitti.
You can access Gianfranco’s research paper co-authored with Marco Ghitti, Florencio Lopez-de-Silanes, and Marco Spinelli, "What's in a shade? The market relevance of green bonds' external reviews", published in the prestigious journal The British Accounting Review.
You can also read his recent industry analysis article Measuring the Greenness of Green Bonds, looking at demand for green bonds and presenting research results on:
- the value of Second Party Opinion into the quality of green bonds;
- the impact of the EU taxonomy of sustainable activities on the market;
- ownership of green bonds by Principles for Responsible Investment members vs. other institutional investors.
About EDHEC
Operating from campuses in Lille, Nice, Paris, London and Singapore, EDHEC is one of the world’s top 15 business schools. Fully international and directly connected to the business world, EDHEC commands a strong reputation for research excellence and the ability to train entrepreneurs and managers capable of breaking new ground. EDHEC functions as a genuine laboratory of ideas and produces innovative solutions valued by businesses. The School’s teaching is inspired by its research work and a focus on “learning by doing”, all with the aim of equipping people with the skills to succeed in business.
