2020 Annual Conference of the OECD Global Forum of Productivity
2020 Annual Conference of the OECD Global Forum of Productivity This year CompNet celebrates its 10th Annual Conference, together with Banque de France as co-host, which will…
Zur Seite
European Data Workshop in Paris
European Data Workshop in Paris 15 - 16 June 2023 While micro-data are becoming more and more important, there are several challenges related to access to such data. The most…
Zur Seite
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…
Zur Seite
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…
Zur Seite
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…
Zur Seite
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…
Zur Seite
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…
Zur Seite
IWH-Infothek
IWH-Infothek Evaluierung 2025 Vorstandsmitteilungen Logout Forschung IWH-DPE Chancengleichheit und Diversität Kommunikation IT-Informationen Bibliothek Personal Finanzen…
Zur Seite
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.
Artikel Lesen
Worker Beliefs about Outside Options
Simon Jäger, Christopher Roth, Nina Roussille, Benjamin Schoefer
Quarterly Journal of Economics,
Vol. 139 (3),
2024
Abstract
Standard labor market models assume that workers hold accurate beliefs about the external wage distribution, and hence their outside options with other employers. We test this assumption by comparing German workers’ beliefs about outside options with objective benchmarks. First, we find that workers wrongly anchor their beliefs about outside options on their current wage: workers that would experience a 10% wage change if switching to their outside option only expect a 1% change. Second, workers in low-paying firms underestimate wages elsewhere. Third, in response to information about the wages of similar workers, respondents correct their beliefs about their outside options and change their job search and wage negotiation intentions. Finally, we analyze the consequences of anchoring in a simple equilibrium model. In the model, anchored beliefs keep overly pessimistic workers stuck in low-wage jobs, which gives rise to monopsony power and labor market segmentation.
Artikel Lesen
