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Financing the Transition to a Sustainable Economy: Theory and Evidence
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- Author(s) / Creator(s)
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SSHRC IG awarded 2022: Financial markets are playing an increasingly important role in the fight against climate change and other sustainability issues by allowing investors to finance projects that have positive sustainability outcomes. Despite the proliferation of securities on the sustainable finance market, two underlying debt contract types can be distinguished: 1) activity-based debt contracts, such as green bonds, which focus on specifying what the proceeds are going to be used for, with very little regard for outcomes, and 2) outcome-based debt contracts, such as sustainability-linked loans, which do not impose restrictions on the use of proceeds but instead embed contingencies that ensure commitment to target outcomes. In this research program, we will develop a theoretical model that explains the emergence of these two types of sustainable debt contract designs. Then, we will empirically test whether outcome-based contracts are effective in bringing about improvements in sustainability disclosure and performance.
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- Date created
- 09/28/2021
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- Subjects / Keywords
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- Type of Item
- Research Material
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- License
- ©️Barbalau, Adelina. All rights reserved other than by permission. This document embargoed to those without UAlberta CCID until 2028.