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  1. "There is no planet b", but for banks there are "countries b to z"
    domestic climate policy and cross-border bank lending
    Autor*in: Benincasa, Emanuela; Kabas, Gazi; Ongena, Steven
    Erschienen: 24 October 2021
    Verlag:  Centre for Economic Policy Research, London

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    Verlag (lizenzpflichtig)

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    LZ 161
    Fernleihe:
    keine Fernleihe

    Standort:
    Universitätsbibliothek Mannheim
    Fernleihe:
    keine Fernleihe
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Schriftenreihe: Array ; DP16665
    Schlagworte: Cross-border lending; Climate Policy; regulatory arbitrage; syndicated loans
    Umfang: 1 Online-Ressource (circa 33 Seiten), Illustrationen
  2. "There is no planet B", but for Banks "There are countries B to Z"
    domestic climate policy and cross-border bank lending
    Autor*in: Benincasa, Emanuela; Kabas, Gazi; Ongena, Steven
    Erschienen: [2022]
    Verlag:  Swiss Finance Institute, Geneva

    We document that lenders react to domestic climate policy stringency by increasing cross-border lending. We use granular fixed effects to control for loan demand and an instrumental variable strategy to establish causality. Consistent with regulatory... mehr

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    Verlag (kostenfrei)
    Verlag (kostenfrei)

    Standort:
    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
    Fernleihe:
    keine Fernleihe

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    VS 544
    Fernleihe:
    keine Fernleihe

     

    We document that lenders react to domestic climate policy stringency by increasing cross-border lending. We use granular fixed effects to control for loan demand and an instrumental variable strategy to establish causality. Consistent with regulatory arbitrage, the positive effect decreases in borrowers’ climate policy stringency and is absent if the borrower country has a higher stringency. Furthermore, climate policy stringency decreases loan supply to domestic borrowers with high carbon risk while increasing loan supply if such borrowers are abroad. Our results suggest that crossborder lending can enable lenders to exploit the lack of global coordination in climate policies

     
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Weitere Identifier:
    Schriftenreihe: Research paper series / Swiss Finance Institute ; no 22, 28
    Schlagworte: Cross-Border Lending; Climate Policy; Regulatory Arbitrage; Syndicated Loans
    Weitere Schlagworte: Array
    Umfang: 1 Online-Ressource (circa 49 Seiten), Illustrationen
  3. Different Shades of Green
    Estimating the Green Bond Premium using Natural Language Processing
    Autor*in: Benincasa, Emanuela; Fu, Jonathan; Mishra, Mrinal; Paranjape, Adityavardhan
    Erschienen: 2022
    Verlag:  SSRN, [S.l.]

    We document the existence of a premium in the green bond market based on the greenness of green bonds. Using BERT, a natural language processing method for textual analysis, we develop a novel measure for bonds’ greenness and document that a 10... mehr

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    Verlag (kostenfrei)
    Resolving-System (kostenfrei)

    Standort:
    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
    Fernleihe:
    keine Fernleihe

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Fernleihe:
    keine Fernleihe

     

    We document the existence of a premium in the green bond market based on the greenness of green bonds. Using BERT, a natural language processing method for textual analysis, we develop a novel measure for bonds’ greenness and document that a 10 percent increase in the bond’s greenness corresponds to a decrease in annualized yield by between 4.86 to 8.71 basis points. In addition to greener bonds enjoying higher premiums, we find evidence that issuing a green bond has positive spillover effects on the pricing of subsequent conventional bonds’ issuance. Overall, our findings are consistent with firms relying on 'green' debt instruments to lower capital costs and raise cheaper financing

     
    Export in Literaturverwaltung   RIS-Format
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Weitere Identifier:
    Schriftenreihe: Swiss Finance Institute Research Paper ; No. 22-64, 2022
    Schlagworte: Green bonds; BERT model; Sustainable Finance; Bond premium
    Umfang: 1 Online-Ressource (47 p)
    Bemerkung(en):

    Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments August 23, 2022 erstellt