This paper (re)examines investors' green asset preferences and issuer's environmental performance. Using green bonds issued from 2013-2020, we find that shareholders' reactions to green bond issue announcements follow a skewed distribution and are mainly driven by large issuers. Unlike no yield differential in the primary market, greenbonds in the secondary market have a lower yield of negative 32 basis points (or negative 8 basis points adjusted to liquidity risk) relative to a propensity score-matched sample. Contrary to the idea that investors are willing to take a lower yield to assist polluters in cleaning up, the secondary market “greenium” is, however, attributable to green bonds issued by the financial sector rather than those of polluting sectors. Surprisingly, issuers' emissions remain the same four years after the issuance of green bonds, suggesting they have modest to no environmental impact. Our work suggests investors might want to be cautious about greenbonds' environmental impact and value implications.