G2TT
来源类型Discussion paper
规范类型论文
来源IDDP16536
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
URLhttps://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.
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