The green bond market offers investors the opportunity to take an explicit focus on sustainable investment projects. However, it is yet to be determined whether this novel asset class offers attractive yields compared to non-green bonds. To address this question, we study European green bonds and how they diverge from conventional bonds in terms of yields. Using a dataset of 88 matched pairs of European green bonds between 2015 and 2019, we document a significant negative green bond premium of -12 bps on average in the secondary market. The green bond premium is defined as the yield differential between a green and a conventional bond while controlling for liquidity. The results suggest that European investors accept a lower financial return in exchange for receiving non-pecuniary benefits and thus challenging the assumptions of classical asset pricing models. Furthermore, we use a matching method and two-step regression to control for liquidity and identify the determinants of the green bond premium. The results show that the negative green bond premium is less pronounced for lower-rated bonds. Moreover, we find support for variations in the green bond premium across different business sectors. Government-related green bonds experience a greater negative green bond premium than green bonds related to financials and industrial corporates.

[pt] Esta pesquisa apresenta casos de estudo de aplicações de engenharia, como a propagação eletromagnética em guias de onda uniformemente curvados com seção transversal retangular, operando em frequências típicas dos sistemas de rede móvel 5G e 6G. Neste trabalho, apresentamos o problema de valor de contorno e abordamos técnicas numéricas para resolver as equações de Maxwell em guias de onda curvados, visando soluções para o problema de autovalores associado. Primeiro, o método de Point Matching é empregado como uma alternativa para resolver esse tipo de problema por meio do rastreamento de zeros do determinante de uma matriz. Em seguida, utilizamos o Método do Momentos para resolver esse mesmo problema, por meio do cálculo de integrais de superfície das funções sobre a geometria retangular. Além disso, este método é utilizado por ser tratar de um problema de autovalor linear, tornando-o mais prático que o Point Matching. Por fim, mediante um algoritmo computacional desenvolvido em Matlab, apresentamos uma série de resultados da propagação eletromagnética do guia retangular curvado no plano H e no plano E para diferentes valores do raio de curvatura da seção retangular curvada. Os resultados numéricos evidenciam a convergência da solução apresentada em relação à solução exata com pequena quantidade de harmônicos. / [en] This research presents case studies of engineering applications, such as electromagnetic propagation in uniformly curved waveguides with rectangular cross-sections, operating at typical frequencies of 5G and 6G mobile network systems. In this work, we introduce the boundary value problem and address numerical techniques for solving the Maxwell s equations in curved waveguides, aiming for solutions to the associated eigenvalue problem. First, the Point Matching method is employed as an alternative to solve this type of problem by tracking zeros of the determinant of a matrix. Next, we use the Method of Moments to solve the same problem by computing surface integrals of functions over the rectangular geometry. Additionally, this method is employed because it deals with a linear eigenvalue problem, making it more practical than Point Matching. Finally, using a computational algorithm developed in Matlab, we present a series of results on the electromagnetic propagation of the curved rectangular waveguide in the H-plane and E-plane for different values of the curvature radius of the curved rectangular section. The numerical results demonstrate the convergence of the presented solution with respect to the exact solution using a small number of harmonics.

L’augmentation de la quantité des déchets ménagers dans le District d’Abidjan constitue une pression énorme pour l’environement et la santé des populations. Les soutiens ponctuels des organismes internationaux tels que la Banque Mondiale et la présence de nombreux acteurs (Etat, institutions internationales, acteurs locaux) n’ont pas empêché la persistance de la problématique de la gestion des déchets dans l’agglomération abidjanaise. La faiblesse du rendement et du taux de recouvrement de la Taxe d’Enlèvement des Ordures Ménagères imputée aux ménages pour la gestion des ordures, ne permet pas de répondre aux besoins de financement de la filière. Ainsi, cette thèse analyse les conditions et effets de l’accès des ménages d’Abidjan à un service amélioré de collecte des déchets. Pour cela, nous avons mené une enquête d’évaluation contingente (consentement à payer). En recourant à un modèle de choix discret (probit), nous avons pu mettre en évidence le lien entre les caractéristiques des ménages et leur volonté à participer à une gestion améliorée de leurs ordures. Nous avons démontré l’existence d’un lien entre l’accès à des services de collecte des déchets et aux latrines améliorées. Ce résultat va dans le sens des ODD qui préconisent une gestion intégrée de l’assainissement. Le recours à une méthode d’appariement a permis d’évaluer, de manière originale, les bénéfices du recours à un service informel de pré-collecte des déchets pour les ménages enquêtés. Les déterminants de la demande avérée pour un service informel ont d’abord été identifiés. L’indice de richesse (richesse matérielle), le genre, la durée de stockage des ordures, le fait que le ménage considère les maladies comme étant le problème majeur lié aux déchets, sont les facteurs qui expliquent le recours à un service de pré-collecte de leurs ordures. Par ailleurs, ce recours génère, d’après les résultats de la modélisation, des bénéfices socio-économiques quantifiables en termes d’une part, de développement socio-économique et humain et d’autre part, en termes de solutions de financement de la filière par la mise en place d’une taxe incitative (au ramassage des ordures). Enfin, à l’aide de la méthode des prix hédonistes appliquée aux données de notre enquête, nous avons identifié une relation positive entre les équipements de base d’un logement tel que l’accès à l’eau, à l’électricité et aux latrines et le prix des loyers. En revanche, la faible qualité du service actuel de collecte des ordures ménagères dans les quartiers enquêtés ou le fait que la charge liée à la collecte soit récurrente, expliqueraient sa non influence sur le prix locatif des logements. / The increase in amount of household wastes in Abidjan is an enormous strain on the environment and on the health of local populations.Support from international institutions such as the World Bank and the presence of many actors (State, international institutions and local actors) have not prevented the persistence of the waste management problem in Abidjan. In this thesis, we analyse the conditions and implications of households for improved waste collection service in Abidjan. For this, we conducted a contingent valuation survey (willingness to pay). By using a discrete choice (probit) model, we were able to highlight the link between household characteristics and their willingness to participate in improved waste management. We have demonstrated a link between access to waste collection services and improved latrines. This result is in line with the SDGs, which advocate integrated sanitation management.At first, the determinants of the demand turned out for an informal service were identified. The wealth index, the gender, the duration of storage of the garbage, the fact that the household considers the diseases as being the major problem bound to waste, are the factors which explain the recourse to a service of pre-collection of their garbage. Besides, this recourse generates, according to the results of the modelling, quantifiable socioeconomic profits in terms of socioeconomic and human development in the first hand and on the other hand, in terms of solutions of financing of the sector by the implementation of an incentive tax. Finally, by using the hedonic price method, which applied to our survey data, we identified a positive relationship between the basic attachments of a dwelling such as access to water, electricity and latrines and the price of rents. On the other hand, the low quality of the current garbage collection service would explain its no-influence on the rental price of housing