<?xml version="1.0" encoding="ISO-8859-1"?><article xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
<front>
<journal-meta>
<journal-id>2683-2690</journal-id>
<journal-title><![CDATA[The Anáhuac journal]]></journal-title>
<abbrev-journal-title><![CDATA[The Anáhuac j.]]></abbrev-journal-title>
<issn>2683-2690</issn>
<publisher>
<publisher-name><![CDATA[Universidad Anáhuac del Sur S.C., Facultad de Economía y Negocios]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S2683-26902019000100059</article-id>
<article-id pub-id-type="doi">10.36105/theanahuacjour.2019v19n1.03</article-id>
<title-group>
<article-title xml:lang="es"><![CDATA[Bonos verdes versus bonos convencionales: ¿existe una demanda diferenciada en México?]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Arellano Cadena]]></surname>
<given-names><![CDATA[Rogelio]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Pérez Delgado]]></surname>
<given-names><![CDATA[Lucía]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Banco de México  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Mexico</country>
</aff>
<aff id="Af2">
<institution><![CDATA[,Universidad Anáhuac México  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Mexico</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>06</month>
<year>2019</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>06</month>
<year>2019</year>
</pub-date>
<volume>19</volume>
<numero>1</numero>
<fpage>59</fpage>
<lpage>88</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_arttext&amp;pid=S2683-26902019000100059&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_abstract&amp;pid=S2683-26902019000100059&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_pdf&amp;pid=S2683-26902019000100059&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen ¿Es la demanda de bonos verdes diferente a la demanda de bonos convencionales? A partir del estudio seminal de Fama y French (2007) quienes consideraron que la demanda de activos financieros, además de criterios de rendimiento y riesgo, podría explicarse por motivos no pecuniarios, diversos trabajos han intentado responder a esta pregunta (Asian Bond Monitor, 2018; Ehlers y Packer, 2017; Reboredo, Quintela y Otero, 2017; Östlund, 2015, y Zerbib, 2016, 2019). La mayoría de los resultados indican que los bonos verdes otorgan un rendimiento inferior a aquel pagado por los bonos convencionales. Ello hace concluir que sí existe una demanda diferenciada de este tipo de bonos. Hasta ahora, no se cuenta con estudios que realicen esa comparación para el caso de México. El presente análisis pretende cerrar esa brecha, intentando identificar si existe una diferenciación por parte de los inversionistas en México entre su demanda de un bono verde y de un bono convencional. Para ello, se utilizan las posturas de compra (ask price) para dichos bonos emitidos por la misma institución, ya sea en la misma fecha o con el mismo plazo de vencimiento. Los resultados sugieren que la distribución de las posturas de compra difiere entre uno y otro tipo de bono y que, cuando los bonos tienen el mismo plazo de vencimiento, los inversionistas están dispuestos a aceptar rendimientos ligeramente inferiores en bonos verdes.]]></p></abstract>
<abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract Is the demand for green bonds different from the demand for conventional bonds? Previous analysis that compare financial returns between green and conventional bonds (Asian Bond Monitor, 2018; Ehlers and Packer, 2017; Reboredo, Quintela y Otero, 2017; Östlund, 2015, and Zerbib, 2016, 2019) show, in most cases, that green bonds have a lower return than conventional bonds. No study comparing such bonds has yet been done for Mexico. This study aims to close such gap, intending to identify if investors have a differentiated demand for green bonds with respect to comparable conventional bonds. Contrary to previous analysis that compare observed returns, we use the ask prices for green and conventional bonds issued either on the same date or with the same maturity by the same institution. The results suggest that the distribution on ask prices differ between green and conventional bonds. Additionally, there is a negative difference in their mean returns for bonds with the same maturity.]]></p></abstract>
<kwd-group>
<kwd lng="es"><![CDATA[bonos verdes]]></kwd>
<kwd lng="es"><![CDATA[bonos convencionales]]></kwd>
<kwd lng="es"><![CDATA[riesgos ambientales]]></kwd>
<kwd lng="en"><![CDATA[green bonds]]></kwd>
<kwd lng="en"><![CDATA[conventional bonds]]></kwd>
<kwd lng="en"><![CDATA[environmental risks]]></kwd>
<kwd lng="es"><![CDATA[Q51]]></kwd>
<kwd lng="es"><![CDATA[Q54]]></kwd>
<kwd lng="en"><![CDATA[Q51]]></kwd>
<kwd lng="en"><![CDATA[Q54]]></kwd>
</kwd-group>
</article-meta>
</front><back>
<ref-list>
<ref id="B1">
<nlm-citation citation-type="book">
<collab>Asian Bond Monitor</collab>
<source><![CDATA[The role of greenness indicators in green bond market development: an empirical analysis]]></source>
<year>2018</year>
<page-range>40-51</page-range><publisher-name><![CDATA[Asian Development Bank]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B2">
<nlm-citation citation-type="">
<collab>Banco Mundial</collab>
<source><![CDATA[Groundswell. Preparing for Internal Climate Migration]]></source>
<year>2018</year>
</nlm-citation>
</ref>
<ref id="B3">
<nlm-citation citation-type="book">
<collab>Banco Mundial, International Finance Corporation</collab>
<source><![CDATA[Climate-Smart Investment Potential in Latin America: A Trillion Dólar Opportunity]]></source>
<year>2016</year>
<publisher-loc><![CDATA[Washington ]]></publisher-loc>
<publisher-name><![CDATA[Banco Mundial]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B4">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Cheng]]></surname>
<given-names><![CDATA[B.]]></given-names>
</name>
<name>
<surname><![CDATA[Ioannou]]></surname>
<given-names><![CDATA[I.]]></given-names>
</name>
<name>
<surname><![CDATA[Serafeim]]></surname>
<given-names><![CDATA[G.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Corporate social responsibility and access to Finance]]></article-title>
<source><![CDATA[Strategic Management Journal]]></source>
<year>2014</year>
<volume>35</volume>
<numero>núm</numero>
<issue>núm</issue>
<page-range>1-23</page-range></nlm-citation>
</ref>
<ref id="B5">
<nlm-citation citation-type="book">
<collab>Comisión Europea</collab>
<source><![CDATA[Study on the potential of green bond finance for resource-efficient investments]]></source>
<year>2016</year>
<publisher-loc><![CDATA[Luxemburgo ]]></publisher-loc>
<publisher-name><![CDATA[Unión Europea]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B6">
<nlm-citation citation-type="book">
<collab>Consejo Consultivo de Finanzas Climáticas, CCFC</collab>
<source><![CDATA[Principios de Bonos Verdes MX]]></source>
<year>2016</year>
<publisher-loc><![CDATA[México ]]></publisher-loc>
<publisher-name><![CDATA[Bolsa Mexicana de Valores]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B7">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Ehlers]]></surname>
<given-names><![CDATA[T.]]></given-names>
</name>
<name>
<surname><![CDATA[Packer]]></surname>
<given-names><![CDATA[F.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Green bond Finance and certification]]></article-title>
<source><![CDATA[BIS Quarterly Review]]></source>
<year>2017</year>
<page-range>89-103</page-range></nlm-citation>
</ref>
<ref id="B8">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Fama]]></surname>
<given-names><![CDATA[E.]]></given-names>
</name>
<name>
<surname><![CDATA[French]]></surname>
<given-names><![CDATA[K.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Disagreement, tastes, and asset prices]]></article-title>
<source><![CDATA[Journal of Financial Economics]]></source>
<year>2007</year>
<volume>83</volume>
<page-range>667-89</page-range></nlm-citation>
</ref>
<ref id="B9">
<nlm-citation citation-type="book">
<collab>Federal Ministry for Economic Cooperation and Development</collab>
<source><![CDATA[Green Bonds: Ecosystem, Issuance Process and Regional Perspectives]]></source>
<year>2018</year>
<publisher-loc><![CDATA[Bonn, Eschborn, Alemania ]]></publisher-loc>
<publisher-name><![CDATA[(GIZ) GmbH. Recuperado]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B10">
<nlm-citation citation-type="book">
<collab>Foro Económico Mundial</collab>
<source><![CDATA[Informe de riesgos mundiales 2018]]></source>
<year>2018</year>
<edition>13</edition>
<publisher-loc><![CDATA[Ginebra ]]></publisher-loc>
<publisher-name><![CDATA[World Economic Forum]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B11">
<nlm-citation citation-type="book">
<collab>Grupo Intergubernamental de Expertos sobre Cambio Climático</collab>
<source><![CDATA[Cambio Climático 2013. Bases Físicas]]></source>
<year>2013</year>
<publisher-name><![CDATA[OMM, PNUMA]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B12">
<nlm-citation citation-type="book">
<collab>Instituto Nacional de Ecología y Cambio Climático, INECC</collab>
<source><![CDATA[Actualización y divulgación de los nuevos escenarios de cambio climático aplicados a México para fortalecer las capacidades nacionales]]></source>
<year>2014</year>
<publisher-loc><![CDATA[México ]]></publisher-loc>
<publisher-name><![CDATA[INECC]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B13">
<nlm-citation citation-type="">
<collab>International Capital Market Association, ICMA</collab>
<source><![CDATA[Los Principios de los Bonos Verdes 2018 - Green Bond Principles (GBP) Guía del Procedimiento Voluntario para la Emisión de Bonos Verdes]]></source>
<year>2018</year>
</nlm-citation>
</ref>
<ref id="B14">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Jensen]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[The performance of mutual funds in the period 1945-1964]]></article-title>
<source><![CDATA[Journal of Finance]]></source>
<year>1968</year>
<page-range>389-416</page-range></nlm-citation>
</ref>
<ref id="B15">
<nlm-citation citation-type="">
<source><![CDATA[Los principios del Ecuador]]></source>
<year>2013</year>
</nlm-citation>
</ref>
<ref id="B16">
<nlm-citation citation-type="confpro">
<collab>MexiCO2</collab>
<source><![CDATA[Bonos verdes. «Los bonos verdes como alternativa de financiamiento para los proyectos de infraestuctura»]]></source>
<year>2017</year>
<conf-name><![CDATA[ Tercer Seminario de Asociación Público-Privada de México: Impulso al Desarrollo de Infraestructura para la Sociedad]]></conf-name>
<conf-loc>Ciudad de México </conf-loc>
</nlm-citation>
</ref>
<ref id="B17">
<nlm-citation citation-type="book">
<collab>MexiCO2</collab>
<source><![CDATA[Bonos etiquetados emitidos en México]]></source>
<year>2018</year>
<publisher-loc><![CDATA[México ]]></publisher-loc>
<publisher-name><![CDATA[MexiCO2]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B18">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Moid]]></surname>
<given-names><![CDATA[S.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Green bonds: country experiences, challenges and opportunities]]></article-title>
<source><![CDATA[Rajagiri Management Journal]]></source>
<year>2018</year>
<volume>11</volume>
<page-range>63-78</page-range></nlm-citation>
</ref>
<ref id="B19">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Nieto]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
</person-group>
<source><![CDATA[Banks and environmental sustainability: some financial stability reflections]]></source>
<year>2017</year>
<publisher-name><![CDATA[International Research Centre on Cooperative Finance]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B20">
<nlm-citation citation-type="">
<collab>Organización para la Cooperación y el Desarrollo Económico, OCDE</collab>
<source><![CDATA[Investing in Climate, Investing in Growth]]></source>
<year>2017</year>
</nlm-citation>
</ref>
<ref id="B21">
<nlm-citation citation-type="">
<collab>Organización para la Cooperación y el Desarrollo Económico, OCDE/Asociación Internacional de Mercados de Capital</collab>
<source><![CDATA[Green Bonds: Country Experiences, Barriers and Options]]></source>
<year>2016</year>
</nlm-citation>
</ref>
<ref id="B22">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Östlund]]></surname>
<given-names><![CDATA[E.]]></given-names>
</name>
</person-group>
<source><![CDATA[Are investors rational profit maximisers or do they exhibit a green preference? Evidence from the green bond market]]></source>
<year>2015</year>
<page-range>2014-5</page-range><publisher-name><![CDATA[Stockholm School of Economics Department of Economics]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B23">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Pérez Delgado]]></surname>
<given-names><![CDATA[L.]]></given-names>
</name>
<name>
<surname><![CDATA[Arellano]]></surname>
<given-names><![CDATA[R.]]></given-names>
</name>
</person-group>
<source><![CDATA[Enverdecimiento del Sector Financiero]]></source>
<year>2018</year>
<publisher-loc><![CDATA[México ]]></publisher-loc>
<publisher-name><![CDATA[Instituto de Desarrollo Universidad Anáhuac]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B24">
<nlm-citation citation-type="book">
<collab>Programa de las Naciones Unidas para el Desarrollo, PNUD</collab>
<source><![CDATA[Catalizando el financiamiento para enfrentar el cambio climático]]></source>
<year>2011</year>
<publisher-loc><![CDATA[Nueva York ]]></publisher-loc>
<publisher-name><![CDATA[PNUD]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B25">
<nlm-citation citation-type="book">
<collab>Programa de las Naciones Unidas para el Medio Ambiente, PNUMA</collab>
<source><![CDATA[Making Waves. Aligning the Financial System with Sustainable Development]]></source>
<year>2018</year>
<publisher-loc><![CDATA[Ginebra ]]></publisher-loc>
<publisher-name><![CDATA[PNUMA]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B26">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Reboredo]]></surname>
<given-names><![CDATA[Juan C.]]></given-names>
</name>
<name>
<surname><![CDATA[Quintela]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
<name>
<surname><![CDATA[Otero]]></surname>
<given-names><![CDATA[L.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Do investors pay a Premium for going green? Evidence form alternative energy mutual funds]]></article-title>
<source><![CDATA[Renewable and Sustainable Energy Reviews]]></source>
<year>2017</year>
<volume>73</volume>
<page-range>512-20</page-range></nlm-citation>
</ref>
<ref id="B27">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Renneboog]]></surname>
<given-names><![CDATA[L.]]></given-names>
</name>
<name>
<surname><![CDATA[Ter Horst]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
<name>
<surname><![CDATA[Zhang]]></surname>
<given-names><![CDATA[C.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[The price of ethics and stakeholder governance: the performance of socially responsible mutual funds]]></article-title>
<source><![CDATA[Journal of Corporate Finance]]></source>
<year>2008</year>
<page-range>302-22</page-range></nlm-citation>
</ref>
<ref id="B28">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Ross]]></surname>
<given-names><![CDATA[S.]]></given-names>
</name>
</person-group>
<source><![CDATA[Introduction to Probability and Statistics for Engineers and Scientists]]></source>
<year>2014</year>
<edition>3</edition>
<publisher-loc><![CDATA[San Francisco ]]></publisher-loc>
<publisher-name><![CDATA[Elsevier]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B29">
<nlm-citation citation-type="">
<collab>Sustainable Banking Network, World Bank International Finance Corporation</collab>
<source><![CDATA[Creating green bond markets. Insights, Innovations, and Tools from Emerging Markets]]></source>
<year>2018</year>
</nlm-citation>
</ref>
<ref id="B30">
<nlm-citation citation-type="">
<collab>Task Force on Climate Related Financial Disclosures</collab>
<source><![CDATA[Final Report. Recommendations of the Task Force on Climate-related Financial Disclosures]]></source>
<year>2017</year>
</nlm-citation>
</ref>
<ref id="B31">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Zerbib]]></surname>
<given-names><![CDATA[O.D.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[The effect of pro-environmental preferences on bond prices: Evidence from green bonds]]></article-title>
<source><![CDATA[Journal of Banking and Finance]]></source>
<year>2019</year>
<volume>98</volume>
<page-range>39-60</page-range></nlm-citation>
</ref>
<ref id="B32">
<nlm-citation citation-type="">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Zerbib]]></surname>
<given-names><![CDATA[O.D.]]></given-names>
</name>
</person-group>
<source><![CDATA[Is There a Green Bond Premium? The Yield Differential Between Green and Conventional Bonds]]></source>
<year>2016</year>
</nlm-citation>
</ref>
</ref-list>
</back>
</article>
