| Abstract [eng] |
In the master's thesis, an evaluation of factors influencing the green bond market is conducted. The aim of this thesis is to examine, from a theoretical perspective, the factors influencing changes in the green bond market and assess their impact. The first part of the thesis defines and presents the concept of green bonds. A review of scientific literature is carried out to identify and present factors affecting changes in the green bond market. After identifying these factors, empirical studies conducted with them are analyzed. In the second part of the thesis, the methodology for evaluating factors influencing changes in the green bond market is justified, and the theoretical model for evaluating factors influencing changes in the green bond market is discussed. Detailed stages of constructing the empirical model are presented: justification of the research sample and period, detailing indicators of factors influencing changes in the green bond market, formulation of research hypotheses, discussion of empirical research stages and evaluation methods, as well as identification of limitations of the study. The empirical part of the thesis analyzes changes in the green bond market, factors influencing them, and trends in indicators reflecting these factors in the U.S. market during the period 2013-2023. After constructing the evaluation model, an analysis of factors influencing changes in the green bond market in the U.S. market is performed, determining the impact of these factors during the studied period. The obtained research results confirm that GDP, gold prices, volatility index, and economic activity have a significant impact on changes in the green bond market, influencing higher green bond returns. Keywords: green bonds, factors influencing the green bond market, U.S. bond market, time-varying correlations. |
