We develop a new measure of impact elasticity, defined as a firm's change in environmental
impact due to a change in its cost of capital. We show empirically that a reduction in …

Do capital markets reflect the possibility that fossil fuel reserves may become “stranded
assets” in the transition to a low carbon economy? We examine the relation between oil …

This paper shows that private equity (PE) ownership reduces pollution when the target
company faces high environmental enforcement or political risks. Conversely, PE-backed …

We evaluate the effects of inequality, fiscal policy, and COVID19 restrictions in a model of
economic slack with potentially rigid capital operating costs. Rich households satiate their …

Mergers and acquisitions are mainly due to financial and technological innovations but
could also be due to changes in the structure of the economy, which alters the optimal …

Using the exogenous event of oil price sharp decline in 2014–2015, this paper employs the
difference‐in‐difference method to establish a causal link between the oil price decline and …

Debt secured by collateral is repaid ahead of unsecured debt, even if taken in violation of
covenants. We develop a model in which this priority leads to conflicts among debt contracts …

Asset prices are a valuable source of information about financial market participants'
expectations about key macroeconomic variables. However, the presence of time-varying …

This paper investigates how the environmental liability of lenders affects debtors' behavior. I
use US Census Bureau micro-data and the passage of the Lender Liability Act as a novel …

This book is a concise but well-organized introduction to nanotechnology (NT) which the
upstream oil industry is now vigorously adapting to develop its own unique applications for …