The DOI matches its Crossref record; 6 of the 6 references it cites were found in a registry or an index.
Being stranded with fossil fuel reserves? Climate policy risk and the pricing of bank loans
Open accessAbstract
Do banks price the risk of stranded fossil fuel reserves? To address this question, we hand collect global data on corporate fossil fuel reserves from 2002 to 2016, match it with syndicated loans, and subsequently compare the loan rate charged to fossil fuel firms — along their climate policy exposure — to other firms. We find that banks price climate policy exposure, especially after 2015. We also uncover that our main effect further increases for loans with longer maturity, that loan size to fossil fuel firms increases, and that ‛Green’ banks also charge higher loan rates to fossil fuel firms.
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Citations
Cites
The Importance of Climate Risks for Institutional Investors
Krueger, P., Sautner, Z., & Starks, L. T. (2020) · The Review of Financial Studies · doi:10.1093/rfs/hhz137 · Cited by 3,034
The price of sin: The effects of social norms on markets
Hong, H., & Kacperczyk, M. (2009) · Journal of Financial Economics · doi:10.1016/j.jfineco.2008.09.001 · Cited by 2,601
The impact of corporate social responsibility on the cost of bank loans
Goss, A., & Roberts, G. S. (2011) · Journal of Banking & Finance · doi:10.1016/j.jbankfin.2010.12.002 · Cited by 2,101
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
Cited by
The 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
- Delis, M. D., Greiff, K. D., Iosifidi, M., & Ongena, S.
- Venue
- Financial Markets, Institutions & Instruments
- Publisher
- Wiley
- Published
- 2024-02
- Volume
- 33
- Issue
- 3
- Pages
- 239-265
- ISSN
- 0963-8008 (ISSN-L)
- 1468-0416
- OpenAlex
- W4391450739
- Cited by
- 173
- References
- 6
- FWCI
- 58.31
- Type
- journal article
- Language
- en
- Open access
- hybrid
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- Delis, M. D., Greiff, K. D., Iosifidi, M., & Ongena, S. (2024). Being stranded with fossil fuel reserves? Climate policy risk and the pricing of bank loans. Financial Markets, Institutions & Instruments. https://doi.org/10.1111/fmii.12189
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Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
