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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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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8th vintage
8th 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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6th vintage
6th Vintage CompNet Dataset CompNet has created a competitiveness indicator dataset including a number of European countries. The dataset is unique in terms of its coverage and…
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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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ComProd Monitor
ComProd Monitor The CompNet monitor of Competitiveness and Productivity indicators ComProd is a comprehensive dataset of innovative and traditional indicators of competitiveness…
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CompNet Database
The CompNet Competitiveness Database The Competitiveness Research Network (CompNet) is a forum for high level research and policy analysis in the areas of competitiveness and…
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8th Round [DL FILTER]
8th Round Welcome to the CompNet dataset. In this page, you can navigate through the many files that compose the dataset and choose which one you need for your analysis. Below,…
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Green Investing, Information Asymmetry, and Capital Structure
Shasha Li, Biao Yang
IWH Discussion Papers,
Nr. 20,
2023
Abstract
We investigate how optimal attention allocation of green-motivated investors changes information asymmetry in financial markets and thus affects firms‘ financing costs. To guide our empirical analysis, we propose a model where investors with heterogeneous green preferences endogenously allocate limited attention to learn market-level or firm-specific fundamental shocks. We find that a higher fraction of green investors in the market leads to higher aggregate attention to green firms. This reduces the information asymmetry of green firms, leading to higher price informativeness and lower leverage. Moreover, the information asymmetry of brown firms and the market increases with the share of green investors. Therefore, greater green attention is associated with less market efficiency. We provide empirical evidence to support our model predictions using U.S. data. Our paper shows how the growing demand for sustainable investing shifts investors‘ attention and benefits eco-friendly firms.
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