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Contribution Details

Type Conference Presentation
Scope Discipline-based scholarship
Title Too-Big-To-Strand: Bond to Bank Substitution in the Transition to a Low-carbon Economy
Organization Unit
  • Steven Ongena
  • Winta Beyene
Presentation Type speech
Item Subtype Original Work
Refereed Yes
Status Published in final form
  • English
Event Title Seminar at Fox School of Business, Temple University
Event Type other
Event Location Philadelphia / online
Event Start Date October 8 - 2021
Event End Date October 8 - 2021
Abstract Text Fossil fuel investments over the past few years are at the centre of political debates about climate change policy. This article explores the role market- and bank-based debt play in the climate transition process. It presents evidence that fossil fuel firms increasingly substitute bonds for syndicated bank loans, when banks price the risk of stranded assets less than the bond market.
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