Session 3.2_Antoniou-Manthos-Ongena-Tsoumas_Pollution Permits and Financing Costs_update 16Sept2021.pdf
Study analysing how the EU Emission Trading System (phase III) affects loan spreads for polluting firms, finding a 25% decrease in financing costs post-2013 due to low permit prices and firms' permit storage strategies, undermining CO2 reduction goals.