| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP12928 |
| DP12928 Being Stranded on the Carbon Bubble? Climate Policy Risk and the Pricing of Bank Loans | |
| Steven Ongena; Manthos Delis; Kathrin de Greiff | |
| 发表日期 | 2018-05-11 |
| 出版年 | 2018 |
| 语种 | 英语 |
| 摘要 | Does neglecting the possibility that fossil fuel reserves become “stranded” result in a “carbon bubble”, i.e., an overvaluation of fossil fuel firms? To address this question, we study whether banks price the climate policy risk. We hand collect global data on corporate fossil fuel reserves, match it with syndicated loans, and subsequently compare the loan rate charged to fossil fuel firms — along their climate policy exposure — to non-fossil fuel firms. We find that before 2015 banks did not price climate policy risk. After 2015, however, the risk is priced, especially for firms holding more fossil fuel reserves. We also provide some evidence that “green banks” charge marginally higher loan rates to fossil fuel firms. |
| 主题 | Financial Economics |
| 关键词 | Environmental policy Climate policy risk Loan maturity Carbon bubble Fossil fuel firms Stranded assets Loan pricing |
| URL | https://cepr.org/publications/dp12928 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/541740 |
| 推荐引用方式 GB/T 7714 | Steven Ongena,Manthos Delis,Kathrin de Greiff. DP12928 Being Stranded on the Carbon Bubble? Climate Policy Risk and the Pricing of Bank Loans. 2018. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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