Deciphering Greenium: The Role of Investor Demand

The authors thank Bo Becker (the editor), an anonymous associated editor and two anonymous reviewers, Travis Box, Maria Chaderina, Rui Dai, Winston Dou, Jean Helwege, Edith Hotchkiss, Philipp Illeditsch, Ravi Jagannathan, Oğuzhan Karakaş, Paul Koch, Mina Lee, Jerry Parwada, Ellen Quigley, Dragon Tang, Alex Zhou, and seminar and conference participants at Case Western Reserve University, Central University of Finance and Economics, George Mason University, Lingnan University, McMaster University, University of Dayton, University of Louisville, University of Michigan, University of Nebraska-Lincoln, University of Nevada-Las Vegas, University of Oregon, University of Texas Rio Grande Valley, the 5th Conference on CSR, the Economy and Financial Markets, the 8th Women in Market Microstructure Conference, 2022 Silicon Prairie Finance Conference, 2022 FMA Conference, 2022 SFS Cavalcade Asia-Pacific Conference, 2023 Bretton Woods Accounting and Finance Ski Conference, 2023 MFA Conference, 2023 WFA Conference, 2024 EFA Conference, 2024 IBEFA Conference, and 2024 SFA Conference for helpful feedback. The authors also thank Loc Tan Bui and Brandon Moe for excellent research assistance. A previous version is circulated as “Investor ESG Tastes and Asset Pricing: Evidence from the Primary Bond Market.”