BSU bulletin. Economy and Management
Bibliographic description:
Theoretical Foundations and Dualism of the Greenium Effect: A Synthesis of Rational and Behavioral Approaches // BSU bulletin. Economy and Management. - 2026. №2. . - С. 135-142.
Title:
Theoretical Foundations and Dualism of the Greenium Effect: A Synthesis of Rational and Behavioral Approaches
Financing:
Codes:
Annotation:
The article deals with the phenomenon of green premium (greenium) in the market of green bonds, which is characterized by a steady decline in their yields compared to conventional counterparts. It presents a theoretical synthesis of classical approaches to pricing theory and modern concepts of behavioral finance in order to create an integrative model of greenium formation that takes into account its dual nature. We have used methods of theoretical analysis, synthesis of scientific approaches, critical literature review, as well as formalization of a pricing model with isolation of the premium components. The scientific novelty lies in substantiating the greenium dualism, which is decomposed into a rational component and a behavioral component. Finally, we have proposed a formalization reflecting this dualism.
Keywords:
green bonds, greenium, sustainable finance, signaling theory, behavioral finance, asset pricing, ESG investing.
List of references:
Article.pdf