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Green Bond Returns and the Dynamics of Green and Traditional Financial Markets: A Thick Pen Analysis

Marc Gronwald & Sania Wadud

European Financial Management2026https://doi.org/10.1111/eufm.70053article
AJG 3ABDC A
Weight
0.50

Abstract

This paper analyses the relationship between green bond markets and both green and traditional financial markets using the Thick Pen Measure of Association, a visually interpretable tool for analysing co‐movement across different time scales. It finds, first, that the relationships between these markets shift over time, with a strong influence of events like COVID‐19 and the Ukraine war. Second, green bond returns closely track benchmark bonds but show weaker, sometimes declining, links to stocks, which underscores their diversification potential. Short‐term green bond moves, however, remain tied to the stock market's long‐term environment, especially in times of stress.

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https://doi.org/https://doi.org/10.1111/eufm.70053

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@article{marc2026,
  title        = {{Green Bond Returns and the Dynamics of Green and Traditional Financial Markets: A Thick Pen Analysis}},
  author       = {Marc Gronwald & Sania Wadud},
  journal      = {European Financial Management},
  year         = {2026},
  doi          = {https://doi.org/https://doi.org/10.1111/eufm.70053},
}

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Evidence weight

0.50

Balanced mode · F 0.40 / M 0.15 / V 0.05 / R 0.40

F · citation impact0.50 × 0.4 = 0.20
M · momentum0.50 × 0.15 = 0.07
V · venue signal0.50 × 0.05 = 0.03
R · text relevance †0.50 × 0.4 = 0.20

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