Arbeitspapier

When green meets green

What is the impact of environmental consciousness (i.e., being green) as borrower and as lender on loan rates? We investigate this question employing an international sample of syndicated loans over the period 2011-2019. We find that green firms borrow at a signifi- cantly lower spread, especially when the lender consortium can also be classified as green, i.e., when "green-meets-green". Further tests reveal that the impact of "green-meets-green" became significant and large negative only after the acceptance of the Paris Agreement in December 2015. We argue that this is evidence for lenders responding to policy events which affect environmental attitudes.

Sprache
Englisch

Erschienen in
Series: NBB Working Paper ; No. 392

Klassifikation
Wirtschaft
Relation of Economics to Social Values
Banks; Depository Institutions; Micro Finance Institutions; Mortgages
Valuation of Environmental Effects
Environmental Economics: Government Policy
Thema
Paris Agreement
Green Firms
Green Banks
Bank Lending

Ereignis
Geistige Schöpfung
(wer)
Degryse, Hans
Goncharenko, Roman
Theunisz, Carola
Vadasz, Tamas
Ereignis
Veröffentlichung
(wer)
National Bank of Belgium
(wo)
Brussels
(wann)
2020

Handle
Letzte Aktualisierung
10.03.2025, 11:42 MEZ

Datenpartner

Dieses Objekt wird bereitgestellt von:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.

Objekttyp

  • Arbeitspapier

Beteiligte

  • Degryse, Hans
  • Goncharenko, Roman
  • Theunisz, Carola
  • Vadasz, Tamas
  • National Bank of Belgium

Entstanden

  • 2020

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