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Esg and Cost of Debt.

Record Type:	Electronic resources : Monograph/item
Title/Author:	Esg and Cost of Debt./
Author:	Zhang, Rebecca Lan.
Published:	Ann Arbor : ProQuest Dissertations & Theses, : 2021,
Description:	88 p.
Notes:	Source: Dissertations Abstracts International, Volume: 83-06, Section: A.
Contained By:	Dissertations Abstracts International83-06A.
Subject:	Access to information. -
Online resource:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=28671263
ISBN:	9798544200222

Esg and Cost of Debt.
Zhang, Rebecca Lan.

Esg and Cost of Debt. - Ann Arbor : ProQuest Dissertations & Theses, 2021 - 88 p.

Source: Dissertations Abstracts International, Volume: 83-06, Section: A.

Thesis (Ph.D.)--Stanford University, 2021.

This item must not be sold to any third party vendors.

This paper studies the extent to which ESG (environmental, social, and governance) performance is priced into corporate loans. I construct a firm-specific ESG measure from 136 raw metrics related to the fundamentals of ESG components. The constructed ESG scores provide measurement transparency and exclude all traditional corporate governance factors that have been established to exert financial impact on firms. Through identification within lender-borrower's persistent relationships over time, I find that a one standard deviation increase in a borrowing company's ESG score leads to a 6.3 basis-point decrease in its loan spread. The reduction in loan spread can be explained through the credit risk channel, where highly rated ESG companies have a 4% lower default probability in the future. Better firm ESG scores also predict fewer financial restatements due to fraud, clerical error, and SEC investigation.

ISBN: 9798544200222Subjects--Topical Terms:

3681263
Access to information.

Esg and Cost of Debt.
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245 1 0 $a Esg and Cost of Debt.
260 1 $a Ann Arbor : $b ProQuest Dissertations & Theses, $c 2021
300 $a 88 p.
500 $a Source: Dissertations Abstracts International, Volume: 83-06, Section: A.
500 $a Advisor: Seru, Amit; Buchak, Greg; Krishnamurthy, Arvind; Garcia, Claudia Robles.
502 $a Thesis (Ph.D.)--Stanford University, 2021.
506 $a This item must not be sold to any third party vendors.
520 $a This paper studies the extent to which ESG (environmental, social, and governance) performance is priced into corporate loans. I construct a firm-specific ESG measure from 136 raw metrics related to the fundamentals of ESG components. The constructed ESG scores provide measurement transparency and exclude all traditional corporate governance factors that have been established to exert financial impact on firms. Through identification within lender-borrower's persistent relationships over time, I find that a one standard deviation increase in a borrowing company's ESG score leads to a 6.3 basis-point decrease in its loan spread. The reduction in loan spread can be explained through the credit risk channel, where highly rated ESG companies have a 4% lower default probability in the future. Better firm ESG scores also predict fewer financial restatements due to fraud, clerical error, and SEC investigation.
590 $a School code: 0212.
650 4 $a Access to information. $3 3681263
650 4 $a Ratings & rankings. $3 3562221
650 4 $a Sustainability. $3 1029978
690 $a 0640
710 2 $a Stanford University. $3 754827
773 0 $t Dissertations Abstracts International $g 83-06A.
790 $a 0212
791 $a Ph.D.
792 $a 2021
793 $a English
856 4 0 $u http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=28671263