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Article
Business, Finance
Hans Degryse et al.
Summary: We examine the impact of firms and banks' environmental consciousness on the pricing of bank credit. Our findings, based on a large international sample of syndicated loans from 2011-2019, indicate that green banks do reward green firms with cheaper loans, but only after the ratification of the Paris Agreement in 2015. These loans are more likely to be term loans with fewer covenants and reflect firms' project choices. Hence, environmental attitudes do matter when green meets green.
JOURNAL OF CORPORATE FINANCE
(2023)
Article
Business, Finance
Enrica Bolognesi et al.
Summary: We examine whether ESG disclosure is a value driver for sell-side analysts, focusing on the largest 3000 US listed firms between 2012 and 2020. ESG factors, including environmental, social, and governance issues, influence the long-term sustainability of a community and guide the increasingly sustainable-oriented financial markets. Our findings suggest that firms with higher ESG disclosure scores are associated with higher target prices, and the impact of the Paris agreements on stock evaluations is mainly driven by governance disclosure before the agreements and also by environmental disclosure after the event. Overall, our study indicates that ESG disclosure is a strategic tool for firms to create value.
RESEARCH IN INTERNATIONAL BUSINESS AND FINANCE
(2023)
Article
Economics
Ashesh Rambachan et al.
Summary: This paper presents tools for handling the violation of the parallel trends assumption in difference-in-differences and event-study designs. Instead of requiring exact parallel trends, we impose restrictions on the differences between post-treatment violations and pre-treatment trends. The causal parameter of interest is partially identified under these restrictions. We introduce two approaches that guarantee uniformly valid inference and have desirable power properties. We demonstrate how economic knowledge can inform the restrictions on violations and how our approach can be used for sensitivity analyses.
REVIEW OF ECONOMIC STUDIES
(2023)
Article
Economics
Barbara Biasi et al.
Summary: Flexible pay may increase the wage gap between female and male teachers. Women teachers are less likely to engage in negotiations over pay, especially when the counterpart is male.
QUARTERLY JOURNAL OF ECONOMICS
(2022)
Article
Economics
Hany Fahmy
Summary: Investors' awareness of climate risks and attention to green investments have increased after the Paris Agreement, leading to changes in the relationship between clean energy prices and oil and technology stock prices. This study finds that oil price had a stronger asymmetric persistence on the cycle of clean energy assets before the Paris Agreement, while technology stock prices became the best regime drivers for clean energy assets with strong nonlinear asymmetric persistence after the agreement. The findings suggest that recent climate-related events, including the Paris Agreement, are contributing to the decoupling of the clean energy sector from traditional energy markets.
Article
Economics
Chi-Chuan Lee et al.
Summary: This study examines the impact of green finance development on green productivity using panel data of 30 Chinese provinces from 2006 to 2018. The findings reveal that green finance development significantly improves green productivity, especially in provinces with better economic and social conditions, less public participation in environmental protection, and higher pollution levels. Additionally, implementing green finance policies can further enhance the effect of green finance development.
Article
Business
Chao Liang et al.
Summary: This paper uses the GARCH-MIDAS model to explore the predictive power of climate policy uncertainty on the volatility of renewable energy, and introduces other uncertainty indices for discussion. The results show that climate policy exhibits a strong ability to predict the volatility of renewable energy.
TECHNOLOGICAL FORECASTING AND SOCIAL CHANGE
(2022)
Article
Business, Finance
William Mbanyele et al.
Summary: This study examines the impact of climate change risk on corporate social responsibility. The findings show that firms increase their CSR standards in response to climate change risk shocks. Natural disaster shocks are found to positively affect CSR performance for affected firms. The sensitivity of CSR performance to climate change risk is higher after the release of the Stern Review and the Paris Agreement. This impact is more pronounced for firms in climate-sensitive sectors, with more growth options, higher governance standards, and in highly competitive industries.
JOURNAL OF MULTINATIONAL FINANCIAL MANAGEMENT
(2022)
Article
Business
Yinfeng Liang et al.
Summary: This article empirically explores the impact of CSR on firm-level Total Factor Productivity (TFP) and the possible influence approaches and mechanisms. The findings suggest that CSR significantly promotes TFP, with a greater impact on family firms, voluntary CSR reports, and private firms. However, foreign-funded firms are less affected. The impact of CSR on TFP is robust across different types of firms.
EMERGING MARKETS FINANCE AND TRADE
(2022)
Article
Business, Finance
Ivan Diaz-Rainey et al.
Summary: The study found that the Paris Agreement had a significant impact on the oil and gas industry, particularly affecting companies with a focus on the U.S. market. Surprisingly, the election of Donald Trump and the withdrawal from the Paris Agreement had unexpected negative effects on some sub-sectors and the industry as a whole.
INTERNATIONAL REVIEW OF FINANCIAL ANALYSIS
(2021)
Article
Economics
Liyang Sun et al.
Summary: In settings with variation in treatment timing across units, coefficient on a given lead or lag can be contaminated by effects from other periods in two-way fixed effects regressions, and apparent pretrends can arise solely from treatment effects heterogeneity. An alternative estimator free of contamination is proposed, and the relative shortcomings of two-way fixed effects regressions with leads and lags are illustrated through an empirical application.
JOURNAL OF ECONOMETRICS
(2021)
Article
Economics
Andrew Goodman-Bacon
Summary: The paper explores the relationship between the two-way fixed effects estimator and all possible two-group/two-period DD estimators, showing that it is a weighted average. A causal interpretation of two-way fixed effects DD estimates requires meeting the parallel trends assumption and constant treatment effects over time.
JOURNAL OF ECONOMETRICS
(2021)
Article
Economics
Yi-Bin Chiu et al.
Article
Environmental Studies
Vegard H. Torstad
ENVIRONMENTAL POLITICS
(2020)
Article
Economics
Clement De Chaisemartin et al.
AMERICAN ECONOMIC REVIEW
(2020)
Article
Environmental Sciences
Andreas Bauer et al.
ENVIRONMENTAL SCIENCE & POLICY
(2019)
Article
Business
Joana S. P. Story et al.
CORPORATE SOCIAL RESPONSIBILITY AND ENVIRONMENTAL MANAGEMENT
(2019)
Article
Management
Andrea Fabrizi et al.
Article
Environmental Studies
Xin Wang et al.
Article
Business
Jun Li et al.
TECHNOLOGICAL FORECASTING AND SOCIAL CHANGE
(2017)
Article
Economics
Martina K. Linnenluecke et al.
ECONOMIC MODELLING
(2016)
Article
Ecology
Dylan G. Rassier et al.
ECOLOGICAL ECONOMICS
(2015)
Article
Business, Finance
Soehnke M. Bartram et al.
JOURNAL OF FINANCIAL AND QUANTITATIVE ANALYSIS
(2011)
Article
Economics
Justin Wolfers
AMERICAN ECONOMIC REVIEW
(2006)
Article
Economics
J Levinsohn et al.
REVIEW OF ECONOMIC STUDIES
(2003)
