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hal.structure.identifierDauphine Recherches en Management [DRM]
dc.contributor.authorGinglinger, Edith
hal.structure.identifierDauphine Recherches en Management [DRM]
dc.contributor.authorMoreau, Quentin
dc.date.accessioned2021-09-28T10:16:13Z
dc.date.available2021-09-28T10:16:13Z
dc.date.issued2020
dc.identifier.urihttps://basepub.dauphine.psl.eu/handle/123456789/21854
dc.language.isoenen
dc.subjectClimate changeen
dc.subjectleverageen
dc.subjectnatural disasteren
dc.subjectcredit ratingen
dc.subjectcost of debten
dc.subjectCorporate Social Responsibilityen
dc.subject.ddc658.1en
dc.subject.classificationjelQ.Q5.Q54en
dc.subject.classificationjelG.G3.G32en
dc.subject.classificationjelG.G1.G18en
dc.titleClimate risk and capital structureen
dc.typeCommunication / Conférence
dc.description.abstractenWe use new data that measure forward-looking physical climate risk at the firm level to examine the impact of climate risk on capital structure. We find that greater climate risk leads to lower leverage in the post-2015 period, i.e., after the Paris Agreement. Our results hold after controlling for firm characteristics known to determine leverage, including credit ratings. Our evidence shows that the reduction in leverage related to climate risk is shared between a demand effect (the firm’s optimal leverage decreases) and a supply effect (lenders increase the spreads when lending to firms with the greatest risk).en
dc.subject.ddclabelGestion financière, capital risque, création de valeuren
dc.relation.conftitle60th Annual Meeting of the Southern Finance Associationen
dc.relation.confdate2020-11
dc.relation.confcityOnlineen
dc.relation.forthcomingnonen
dc.description.ssrncandidatenon
dc.description.halcandidateouien
dc.description.readershiprechercheen
dc.description.audienceInternationalen
dc.relation.Isversionofjnlpeerreviewednonen
dc.date.updated2021-09-28T09:49:40Z
dc.subject.classificationjelHALQ - Agricultural and Natural Resource Economics; Environmental and Ecological Economics::Q5 - Environmental Economics::Q54 - Climate; Natural Disasters and Their Management; Global Warmingen
dc.subject.classificationjelHALG - Financial Economics::G3 - Corporate Finance and Governance::G32 - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwillen
dc.subject.classificationjelHALG - Financial Economics::G1 - General Financial Markets::G18 - Government Policy and Regulationen
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