@techreport{e861193a79ea46a89ff965583cf0fe45,
title = "Diversifier or More?: Hedge and Safe Haven Properties of Green Bonds During COVID-19",
abstract = "The COVID-19 pandemic represents a global case of the fragility of the financial markets and vulnerability of natural disasters and exceptional risks. Against the backdrop of the COVID-19 pandemic, this study explores the {\textquoteleft}hedging{\textquoteright} and {\textquoteleft}safe-haven{\textquoteright} potential of green bonds for conventional equity, fixed income, commodity, and forex investments. Our results show that the green bond index could serve as a diversifier asset for medium- and long-term equity investors. It can also serve as a hedging and safe haven instrument for currency and commodity investments. This study is the first to provide evidence on the hedging and safe-haven potential of green bonds during the COVID-19 pandemic. Our findings imply that green bonds could play a constructive role in global financial recovery efforts without compromising the low-carbon transition targets as they can also be a source of finance for green energy. ",
keywords = "Green bonds, Hedge, Safe-haven, Cross-quantilogram, COVID-19, Green bonds, Hedge, Safe-haven, Cross-quantilogram, COVID-19",
author = "Muhammad Arif and Naeem, {Muhammad Abubakr} and Saqib Farid and Rabindra Nepal and Tooraj Jamasb",
year = "2021",
doi = "10.22439/csei.pb.010",
language = "English",
series = "CSEI Policy Brief",
publisher = "Copenhagen School of Energy Infrastructure",
number = "10",
address = "Denmark",
type = "WorkingPaper",
institution = "Copenhagen School of Energy Infrastructure",
}