The DOI matches its Crossref record; 9 of the 9 references it cites were found in a registry or an index.
Banking on Carbon: Corporate Lending and Cap-and-Trade Policy
Open accessAbstract
We estimate the effect of carbon pricing policy on bank credit to greenhouse-gas-emitting firms. Our analyses exploit the geographic restrictions inherent in California’s cap-and-trade bill and a discontinuity in the embedded free permit threshold of the federal Waxman-Markey cap-and-trade bill. Affected high emission firms face shorter loan maturities, lower access to permanent forms of bank financing, higher interest rates, and higher participation of shadow banks in their lending syndicates. These effects are concentrated among private firms, while credit terms of public firms are largely unaffected. Overall, we show that banks respond quickly to realizations of transition risk.
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Cites
A Survey of Corporate Governance
Shleifer, A., & Vishny, R. W. (1997) · The Journal of Finance · doi:10.1111/j.1540-6261.1997.tb04820.x · Cited by 16,243
Financial intermediation and delegated monitoring
Diamond, D. W. (1984) · The Review of Economic Studies · doi:10.2307/2297430 · Cited by 8,476
Ilhan, E., Sautner, Z., & Vilkov, G. (2021) · The Review of Financial Studies · doi:10.1093/rfs/hhaa071 · Cited by 1,136
Ilhan, E., Sautner, Z., & Vilkov, G. (2018) · SSRN Electronic Journal · doi:10.2139/ssrn.3204420 · Cited by 1,136
An inconvenient cost: The effects of climate change on municipal bonds
Painter, M. (2020) · Journal of Financial Economics · doi:10.1016/j.jfineco.2019.06.006 · Cited by 776
Hsu, P.-H., Li, K., & Tsou, C.-Y. (2020) · SSRN Electronic Journal · doi:10.2139/ssrn.3578215 · Cited by 665
Andersson, M., Bolton, P., & Samama, F. (2016) · Financial Analysts Journal · doi:10.2469/faj.v72.n3.4 · Cited by 434
Corporate Governance and Pollution Externalities of Public and Private Firms*
Shive, S. A., & Forster, M. M. (2020) · The Review of Financial Studies · doi:10.1093/rfs/hhz079 · Cited by 343
Martin, R., Muûls, M., de Preux, L. B., & Wagner, U. J. (2014) · American Economic Review · doi:10.1257/aer.104.8.2482 · Cited by 333
Cited by
Climate Regulatory Risks and Corporate Bonds
Seltzer, L., Starks, L. T., & Zhu, Q. (2022) · SSRN Electronic Journal · doi:10.2139/ssrn.4090897 · Cited by 64
Gas, Guns, and Governments: Financial Costs of Anti-ESG Policies
Garrett, D. G., & Ivanov, I. T. (2023) · doi:10.21033/wp-2023-07 · Cited by 44
Self-citationThe EU Taxonomy and the Syndicated Loan Market
Sautner, Z., Yu, J., Zhong, R., & Zhou, X. (2022) · doi:10.2139/ssrn.4058961 · Cited by 15
Metadata
- Authors
- Ivanov, I. T., Kruttli, M. S., & Watugala, S. W.
- Venue
- The Review of Financial Studies
- Publisher
- Oxford University Press (OUP)
- Published
- 2023-12-07
- Volume
- 37
- Issue
- 5
- Pages
- 1640-1684
- ISSN
- 0893-9454 (ISSN-L)
- 1465-7368
- OpenAlex
- W4389499057
- Cited by
- 235
- References
- 9
- FWCI
- 17.07
- Type
- journal article
- Language
- en
- Open access
- green
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