{"id":126336,"date":"2022-03-22T11:23:46","date_gmt":"2022-03-22T10:23:46","guid":{"rendered":"https:\/\/www.ieseg.fr\/?post_type=events&p=126336"},"modified":"2022-03-22T11:23:46","modified_gmt":"2022-03-22T10:23:46","slug":"research-seminar-finance-asset-overhang-and-technological-change-h-degryse","status":"publish","type":"events","link":"https:\/\/www.ieseg.fr\/en\/events\/research-seminar-finance-asset-overhang-and-technological-change-h-degryse\/","title":{"rendered":"[Research Seminar] Finance: “Asset overhang and technological change” H. DEGRYSE"},"content":{"rendered":"

\"\"<\/p>\n

Speaker: Hans DEGRYSE
\n<\/strong>KU LEUVEN<\/p>\n

Date and Location – Thursday April 14 th 2022 from 13:30 to 15:00
\nin Paris campus (P400) and in Lille campus (B252 – visio)<\/strong><\/p>\n

<\/p>\n

<\/p>\n

—————————————–<\/p>\n

ABSTRACT<\/h2>\n

Investors face reduced incentives to \ufb01nance projects that devalue their legacy po-sitions. We formalize this \u201casset overhang\u201d and study its drivers. We apply our framework to the climate-banking nexus, where the net-zero transition e\ufb00ectively poses a dilemma to banks: while environmental innovation can be pro\ufb01table, its widespread dissemination risks disrupting the value of legacy positions.<\/p>\n

Using granular \ufb01rm-level data on innovation and di\ufb00usion of environmental goods & services, we document the presence of asset overhang as innovators (di\ufb00usors) of disruptive environmental technologies are approximately 5.9 p.p. (0.5 p.p) less likely to receive bank credit compared to non-disruptive counterparts. Individual investors with less legacy positions at risk mitigate the economywide asset overhang problem, thereby facilitating technological transition.<\/p>\n

Keywords:<\/strong> Financial intermediation \u00b7 Technological change \u00b7 Innovation \u00b7 Di\ufb00usion \u00b7 Credit Rationing \u00b7 Climate change.<\/em><\/p>\n

More<\/strong> Info<\/a>
\nJoin<\/strong> the webinar<\/a><\/b><\/p>\n","protected":false},"excerpt":{"rendered":"

Speaker: Hans DEGRYSE KU LEUVEN Date and Location – Thursday April 14 th 2022 from 13:30 to 15:00 in Paris campus (P400) and in Lille campus (B252 – visio) —————————————– […]<\/p>\n","protected":false},"featured_media":0,"template":"","events-category":[200,66,166],"acf":[],"yoast_head":"\n[Research Seminar] Finance: "Asset overhang and technological change" H. 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