DPE Courses Archive
DPE Course Programme Archive 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2025 Mathematics for Economists Roweno Heijmans (NHH Norwegian School of…
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Networks
Networks Central-German Doctoral Program Economics (CGDE) The programme connects students with partner universities, providing access to a broad academic network. International…
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Alumni
Alumni IWH provides guidance and support in job placement after graduation, including letters of recommendation and career advice. Graduates have found placements in academia…
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Past Events
Past Events 14. CompNet Annual Conference (Vilnius, 25-26 September 2025) The 14th CompNet Annual Conference, co-hosted with the Bank of Lithuania, took place on 25–26 September…
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12 CompNet Annual Conference
12th CompNet Annual Conference The 12th CompNet Annual Conference , centered around the theme "Firm’s Performance in challenging times: Input costs, Technology, Productivity, and…
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FINPRO 4
FINPRO 4 25-26 September 2024 - Barcelona (ESADE) The FINPRO4 Conference took place on 25-26 September 2024 at ESADE Business School in Barcelona. Thanks to the support of our…
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6th CompNet Annual Conference
Innovation, firm size, productivity and imbalances in the age of de-globalization 6 th CompNet Annual Conference, June 29-30, 2017, European Commission, Brussels, Belgium As the…
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10th CompNet Annual Conference
10th CompNet Annual Conference This year CompNet celebrates its 10th Annual Conference, together with Banque de France as co-host, which took place in Paris. The topic of the…
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CompNet Data Provider Forum & TSI Workshop
7th CompNet Data Provider Forum & 4th TSI Workshop The upcoming CompNet Data Providers Forum and TSI Workshop, taking place in Amsterdam on November 18-19, 2024, promises to be a…
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Environmental Incidents and Sustainability Pricing
Huyen Nguyen, Sochima Uzonwanne
IWH Discussion Papers,
Nr. 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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