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来源类型 | Discussion paper |
规范类型 | 论文 |
来源ID | DP16536 |
DP16536 When Green Meets Green | |
Hans Degryse; Roman Goncharenko; Carola Theunisz; Tamas Vadasz | |
发表日期 | 2021-09-11 |
出版年 | 2021 |
语种 | 英语 |
摘要 | We investigate whether and how the environmental consciousness (greenness for short) of firms and banks is reflected in the pricing of bank credit. Using a large international sample of syndicated loans over the period 2011-2019, we find that firms are indeed rewarded for being green in the form of cheaper loans -- however, only when borrowing from a green consortium of lenders, and only after the ratification of the Paris Agreement in 2015. Thus, we find that environmental attitudes matter "when green meets green." We further construct a simple stylized theoretical model to show that the green-meets-green pattern emerges in equilibrium as the result of third-degree price discrimination with regard to firms' greenness. |
主题 | Financial Economics |
关键词 | Paris agreement Green firms Green banks Bank lending |
URL | https://cepr.org/publications/dp16536 |
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/545487 |
推荐引用方式 GB/T 7714 | Hans Degryse,Roman Goncharenko,Carola Theunisz,et al. DP16536 When Green Meets Green. 2021. |
条目包含的文件 | 条目无相关文件。 |
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