| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w29740 |
| 来源ID | Working Paper 29740 |
| Environmental Liabilities, Creditors, and Corporate Pollution: Evidence from the Apex Oil Ruling | |
| Jianqiang Chen; Pei-Fang Hsieh; Po-Hsuan Hsu; Ross Levine | |
| 发表日期 | 2022-02-14 |
| 出版年 | 2022 |
| 语种 | 英语 |
| 摘要 | We evaluate the impact of the 2008 Apex Oil court decision that made the creditors of some corporations financially liable for the environmental damages caused by specific pollutants. Apex reduced the circumstances under which environmental liabilities were dischargeable in Chapter 11, which generated financial incentives for the creditors of firms near bankruptcy to pressure their firms to reduce emissions of those pollutants. We discover that Apex lowered bond prices, widened loan spreads, and reduced corporate pollution among firms that (a) release the specific chemicals covered by Apex and (b) are close to Chapter 11 and hence likely to be affected by changes to the dischargeability of environmental liabilities. Further tests suggest that creditors rapidly responded to Apex and successfully induced firms to reduce pollution. |
| 主题 | Financial Economics ; Other ; Law and Economics ; History ; Financial History |
| URL | https://www.nber.org/papers/w29740 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/587414 |
| 推荐引用方式 GB/T 7714 | Jianqiang Chen,Pei-Fang Hsieh,Po-Hsuan Hsu,et al. Environmental Liabilities, Creditors, and Corporate Pollution: Evidence from the Apex Oil Ruling. 2022. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w29740.pdf（494KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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