-
作者：Seleznev, Sergei; Selezneva, Veronika
作者单位：University of Cyprus; Universite PSL; Universite Paris-Dauphine
摘要：Debt matters for oil supply elasticities. We document the resiliency of oil production to the COVID-19-related collapse in demand due to indebtedness. We use exogenous variation in the timing of debt-related payments to identify financially constrained operators. We show that more financially constrained firms cut production by less than less-constrained firms and were less likely to complete new wells. To explore the mechanisms, we use borrowing-limit cuts and credit-line drawdowns to measure...
-
作者：Heeb, Florian; Kolbel, Julian F.; Ramelli, Stefano; Vasileva, Anna
作者单位：Goethe University Frankfurt; Massachusetts Institute of Technology (MIT); University of St Gallen; University of St Gallen; Swiss Finance Institute (SFI); University of Zurich
摘要：A fundamental concern about green investing is that it may crowd out political support for public policies addressing negative externalities. We examine this concern in a preregistered experiment conducted shortly before a real referendum on a climate law in Switzerland. We find that offering an opportunity to invest in a climate-friendly fund does not reduce individual support for climate regulation, measured by political donations and voting intentions. A replication of the experiment in the...
-
作者：Bisetti, Emilio; She, Guoman; Zaldokas, Alminas
作者单位：Hong Kong University of Science & Technology; National University of Singapore
摘要：We show that U.S. firms cut imports by 31.8% when their international suppliers experience environmental and social (E&S) incidents. These trade cuts are larger for publicly listed U.S. importers facing high E&S investor pressure and lead to cross-country supplier reallocation, suggesting that E&S preferences in capital markets can be privately costly but have real effects for foreign suppliers. Larger trade cuts around the incident result in better supplier E&S performance in subsequent years...
-
作者：Biais, Bruno; Landier, Augustin
作者单位：Hautes Etudes Commerciales (HEC) Paris
摘要：We study the interaction between firms, which can invest in green technologies, and a government, which can impose emission caps but has limited commitment power. Investment in green technologies generates innovation spillovers, reducing the cost of further investments. Spillovers generate intertemporal strategic complementarities between firms and government, and equilibrium multiplicity. In a green equilibrium, firms, anticipating caps, invest in green technologies, which reduces the cost of...
-
作者：Bisetti, Emilio; Lewellen, Stefan; Sarkar, Arkodipta; Zhao, Xiao
作者单位：Hong Kong University of Science & Technology; Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; European Corporate Governance Institute; National University of Singapore; Shanghai Jiao Tong University
摘要：We examine whether politicians affect local firms' industrial pollution, and whether such effects are transmitted through plant-level networks to affect pollution in other regions. We first document that close Democrat wins in U.S. congressional races are associated with lower emissions and higher abatement at the plant level, especially when politicians have strong pro-environmental preferences. We also find evidence of reallocation: firms shift emissions away from areas represented by Democr...
-
作者：Trebbi, Francesco; Ben Zhang, Miao; Simkovic, Michael
作者单位：University of California System; University of California Berkeley; Center for Economic & Policy Research (CEPR); National Bureau of Economic Research; University of Southern California; University of Southern California
摘要：A key question for studying business dynamism is whether the costs of regulatory compliance fall homogeneously on small and large businesses. Using comprehensive establishment-level occupational microdata and occupation task information, we quantify a firm's compliance costs as the share of wage bill for performing regulatory compliance tasks (RegIndex). We reveal an inverted-U relationship between firms' RegIndex and their size: On average, RegIndex for mid-sized firms with around 500 employe...
-
作者：Bauer, Michael; Huber, Daniel; Offner, Eric; Wilms, Ole
作者单位：Federal Reserve System - USA; Federal Reserve Bank - San Francisco; Centre for Economic Policy Research - UK; Frankfurt School Finance & Management; University of Hamburg; Tilburg University
摘要：We build a novel data set of time-stamped corporate decarbonization commitments-green pledges-for U.S. public firms by classifying news articles with large language models and human validation. Firms announcing green pledges tend to be larger and browner than other firms, both within and across industries. Green pledges significantly raise stock prices, consistent with a reduction in the carbon premium, and predict sizable declines in future carbon emissions and emission intensities. These eff...
-
作者：Seleznev, Sergei; Selezneva, Veronika
作者单位：University of Cyprus; Universite PSL; Universite Paris-Dauphine
摘要：Debt matters for oil supply elasticities. We document the resiliency of oil production to the COVID-19-related collapse in demand due to indebtedness. We use exogenous variation in the timing of debt-related payments to identify financially constrained operators. We show that more financially constrained firms cut production by less than less-constrained firms and were less likely to complete new wells. To explore the mechanisms, we use borrowing-limit cuts and credit-line drawdowns to measure...
-
作者：Heeb, Florian; Kolbel, Julian F.; Ramelli, Stefano; Vasileva, Anna
作者单位：Goethe University Frankfurt; Massachusetts Institute of Technology (MIT); University of St Gallen; University of St Gallen; Swiss Finance Institute (SFI); University of Zurich
摘要：A fundamental concern about green investing is that it may crowd out political support for public policies addressing negative externalities. We examine this concern in a preregistered experiment conducted shortly before a real referendum on a climate law in Switzerland. We find that offering an opportunity to invest in a climate-friendly fund does not reduce individual support for climate regulation, measured by political donations and voting intentions. A replication of the experiment in the...
-
作者：Bisetti, Emilio; She, Guoman; Zaldokas, Alminas
作者单位：Hong Kong University of Science & Technology; National University of Singapore
摘要：We show that U.S. firms cut imports by 31.8% when their international suppliers experience environmental and social (E&S) incidents. These trade cuts are larger for publicly listed U.S. importers facing high E&S investor pressure and lead to cross-country supplier reallocation, suggesting that E&S preferences in capital markets can be privately costly but have real effects for foreign suppliers. Larger trade cuts around the incident result in better supplier E&S performance in subsequent years...
