Asset Overhang and Technological Change

• 成果类型: Article
• 署名作者: Degryse, Hans; Roukny, Tarik; Tielens, Joris
• 署名单位: KU Leuven; Centre for Economic Policy Research - UK; European Central Bank; National Bank of Belgium
• 刊物名称: REVIEW OF FINANCIAL STUDIES
• ISSN/ISSBN: 0893-9454; 1465-7368
• DOI: 10.1093/rfs/hhaf103
• 发表日期: 2026-07
• 页码: 2115-2178
• 关键词: G21; G32; Q54; Q55; financial intermediation; monetary-policy; industry; INNOVATION; GROWTH; COMPETITION; spillovers; diffusion

摘要

Investors face reduced incentives to finance technological change that devalues their legacy investments. We formalize this asset overhang and apply our framework to the climate-banking nexus. Leveraging (1) firm-level data on green innovation and diffusion and (2) the sets of product and technology market peers, we implement a shift-share design that identifies banks' credit facilities impacted by green firm activities. We find that green firms imposing an asset overhang across all lenders are 3 to 7 percentage points more likely to report tight credit supply conditions. The presence of legacy-free investors mitigates the asset overhang problem, thereby facilitating technological change.