that with certainty. A research analysing the investors behaviour might shine some light on our results. As such, it could be relevant to study the influence of psychology on the investors behaviour in relation to green bonds. There is a lot of pressure coming from society that can have a major influence on investment decisions. Additionally, if the investors demand is unsatisfied, it would also be interesting to research why issuers are not keeping up the pace.
However, that is not within the scope of this thesis and would require both qualitative data and quantitative data, as well as different science-theoretical approach.
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Appendices
Appendix A. Data Set
Appendix A consists of the data set used in this thesis and can be found in a separate excel file.
Appendix B. Yield to Maturity Output Propensity Score Matching
Nearest Neighbour Matching
Radius Matching (0.1)
Radius Matching (0.2)
Stratification Matching
Kernel Matching
Appendix C. Yield to Maturity Rating Subclass Output Rating AAA to AA-
Propensity Score Matching
Nearest Neighbour Matching
Radius Matching (0.1)
Radius Matching (0.2)
Stratification Matching
Kernel Matching
Rating A+ to A-
Propensity Score Matching
Nearest Neighbour Matching
Radius Matching (0.1)
Radius Matching (0.2)
Stratification Matching
Kernel Matching
Appendix D. Yield to Maturity Time Subclass Output
> 10 year
Propensity Score Matching
Nearest Neighbour Matching
Radius Matching (0.1)
Radius Matching (0.2)
Stratification Matching
Kernel Matching
=< 10 year
Propensity Score Matching
Nearest Neighbour Matching
Radius Matching (0.1)
Radius Matching (0.2)
Stratification Matching
Kernel Matching
Appendix E. Credit Spread Output Propensity Score Matching
Nearest Neighbour Matching
Radius Matching (0.1)
Radius Matching (0.2)
Stratification Matching
Kernel Matching
Appendix F. Liquidity Output Propensity Score Matching
Nearest Neighbour Matching
Radius Matching (0.1)
Radius Matching (0.2)
Stratification Matching
Kernel Matching
Appendix G. Liquidity Rating Subclass Output AAA to AA-
Propensity Score Matching
Nearest Neighbour Matching
Radius Matching (0.1)
Radius Matching (0.2)
Stratification Matching
Kernel Matching
A+ to A-
Propensity Score Matching
Nearest Neighbour Matching
Radius Matching (0.1)
Radius Matching (0.2)
Stratification Matching
Kernel Matching
Appendix H. Liquidity Time Subclass Output
> 10 year
Propensity Score Matching
Nearest Neighbour Matching
Radius Matching (0.1)
Radius Matching (0.2)
Stratification Matching
Kernel Matching
=< 10 year
Propensity Score Matching
Nearest Neighbour Matching
Radius Matching (0.1)
Radius Matching (0.2)
Stratification Matching