8th CompNet Annual Conference
From Micro to Macro: Market Power, Firms’ Heterogeneity and Investment 8th Annual Conference of CompNet, jointly organized with IMF, EIB, ENRI and IWH, March 18-19 2019, European…
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1st CompNet Data User Conference
1st CompNet Data User Conference Since it is well established among researchers of productivity and competitiveness that macro data cannot answer all questions emerging in today's…
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1st FINPRO - Finance and Productivity Conference
1st FINPRO - Finance and Productivity Conference The Great Financial Crisis of 2007/2008 still casts a shadow on many developed economies in terms of real outcomes, such as…
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2nd FINPRO - Finance and Productivity Conference
2nd FINPRO - Finance and Productivity Conference A conference jointly organised by the Competitiveness Research Network (CompNet), the European Bank for Reconstruction and…
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7th CompNet Annual Conference
Economic Growth, Trade and Productivity Dispersion 7 th CompNet Annual Conference, June 21-22, 2018, Leopoldina, Halle (Saale), Germany The main target of this conference was to…
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7th vintage
7th Vintage CompNet Dataset The CompNet dataset includes a set of micro-aggregated indicators to enhance policy and academic analysis on competitiveness and productivity. All the…
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4th and 5th vintage
4th and 5th Vintage CompNet Dataset In 2015-2016 The Competitiveness Research Network released to the public respectively the 4th & 5th Vintage of its aggregated micro-based…
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Charts
Info Graphs Sometimes pictures say more than a thousand words. Therefore, we selected a few graphs to present our main topics visually. If you should have any questions or would…
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Environmental Incidents and Sustainability Pricing
Huyen Nguyen, Sochima Uzonwanne
IWH Discussion Papers,
No. 17,
2024
Abstract
We investigate whether lenders employ sustainability pricing provisions to manage borrowers’ environmental risk. Using unexpected negative environmental incidents of borrowers as exogenous shocks that reveal information on environmental risk, we find that lenders manage borrowers’ environmental risk by conventional tools such as imposing higher interest rates, utilizing financial and net worth covenants, showing reluctance to refinance, and demanding increased collateral. In contrast, the inclusion of sustainability pricing provisions in loan agreements for high environmental risk borrowers is reduced by 11 percentage points. Our study suggests that sustainability pricing provisions may not primarily serve as risk management tools but rather as instruments to attract demand from institutional investors and facilitate secondary market transactions.
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The Effect of Bank Organizational Risk-management on the Pricing of Non-deposit Debt
Iftekhar Hasan, Emma Peng, Maya Waisman, Meng Yan
Journal of Financial Services Research,
Vol. 66 (1),
2024
Abstract
We test whether organizational risk management matters to bondholders of U.S. bank holding companies (BHCs), and find that debt financing costs increase when the BHC has lower-quality risk management. Consistent with bailouts giving rise to moral hazard among bank creditors, we find that bondholders put less emphasis on risk management in large institutions for which bailouts are expected ex-ante. BHCs that maintained strong risk management before the financial crisis had lower debt costs during and after the crisis, compared to other banks. Overall, quality risk management can curtail risk exposures at BHCs and result in lower debt costs.
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