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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
Authors
  • Steven Ongena
  • Winta Beyene
Presentation Type speech
Item Subtype Original Work
Refereed Yes
Status Published electronically before print/final form (Epub ahead of print)
Language
  • English
Event Title Research Seminar University of Orléans
Event Type other
Event Location Paris
Event Start Date November 23 - 2021
Event End Date November 23 - 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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