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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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    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    LZ 161
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    Standort:
    Universitätsbibliothek Mannheim
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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)

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

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    VS 544
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    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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    Sprache: Englisch
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    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. How do firms cope with losses from extreme weather events?
    Autor*in: Benincasa, Emanuela; Betz, Frank; Gattini, Luca
    Erschienen: July 2022
    Verlag:  European Investment Bank, Luxembourg

    We document the investment and financing decisions of firms that experience monetary losses due to extreme weather events. Our sample covers firms operating in 41 economies, mainly emerging and developing markets. Consistent with the need to either... mehr

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    DS 429
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    keine Fernleihe

     

    We document the investment and financing decisions of firms that experience monetary losses due to extreme weather events. Our sample covers firms operating in 41 economies, mainly emerging and developing markets. Consistent with the need to either replenish damaged capital or to adapt to climate change, firms hit by extreme weather are more likely to invest in long-term assets. In addition, they are more likely to integrate climate-friendly measures in their production processes. Although these firms have higher needs for bank credit, they are not more likely to be credit constrained than the average firm. Nonetheless, they face higher loan rejection rates and they are more leveraged than otherwise comparable firms. This suggests that climate change has the potential to erode the quality of firm balance sheets over time.

     
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Ebook
    Format: Online
    ISBN: 9789286153730
    Weitere Identifier:
    hdl: 10419/261495
    Schriftenreihe: Economics - working papers ; 2022, 10
    Schlagworte: Physical climate risk; Extreme weather; Access to credit; Corporate investment
    Umfang: 1 Online-Ressource (circa 44 Seiten), Illustrationen
  4. Access to finance in the Middle East and North Africa
    evidence from the 2019 Enterprise Survey
    Autor*in: Akbas, Ozan; Alper, Koray; Benincasa, Emanuela; Betz, Frank; Davradakis, Emmanouil; Gattini, Luca; Kadereit, Till
    Erschienen: [2022]
    Verlag:  European Investment Bank, [Luxembourg]

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    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    VS 878
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    Sprache: Englisch
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    Format: Online
    ISBN: 9789286153228
    Weitere Identifier:
    Schriftenreihe: Economics
    MENA enterprise survey report working papers ; volume 1
    Schlagworte: Credit constraints; financial autarky; crowding out; physical climate risk
    Umfang: 1 Online-Ressource (circa 48 Seiten), Illustrationen
  5. 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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    Standort:
    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
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    keine Fernleihe

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    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

     
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    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