Research seminar: Martijn Boermans (University of Amsterdam)

We would like to invite you to a research seminar by Martijn Boermans, Senior Researcher at the University of Amsterdam.

Title: *Funding the Fittest? Pricing of Climate Transition Risk in the Corporate Bond Market*

Authors: Martijn Boermans (University of Amsterdam), Maurice Bun (De Nederlandsche Bank), and Yasmine Van der Straten (Nova School of Business and Economics)

Abstract: We study whether climate transition risk affects the cost of debt and how corporate bond investors value green innovation. Using confidential bond holdings and global firm data, we find a positive transition risk premium. This premium is significantly lower for emission-intensive firms engaging in green innovation, suggesting investors perceive green innovations to carry option value. Institutional investors, particularly mutual funds, exhibit higher demand for bonds issued by transitioning firms. Our findings suggest that risk pricing is the channel through which environmental performance influences yield spreads, highlighting the role of risk-bearing investors to channel capital to firms central to the transition.

The seminar will take place on *Thursday*, May 14, 2026, in Room 206 at 12:30.

A preliminary version of the paper is available at SSRN.

If you need a discussion slot with Dr. Boermans, please write to Prof. Roman Horváth, and he will try to find a suitable time.

The list of all research seminars at IES (past and forthcoming) is available at: https://ies.fsv.cuni.cz/en/research/research-seminars