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DTSTART:20250330T010000
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DTSTART;TZID=Europe/Helsinki:20250306T113000
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SUMMARY:Adelina BARBALAU (HEC Paris & University of Alberta) "The Optimal Design of Green Debt"
DESCRIPTION:Quantitative Sustainable Economics and Finance \nTime: 11.30 am\nDate: 06th of March 2025\nRoom 3001 \nAdelina BARBALAU (HEC Paris & University of Alberta) “The Optimal Design of Green Debt” \nAbstract :We develop a theory of optimal security design for financing green investments in the presence of greenwashing. Green outcomes are uncertain and can be obtained through the implementation of tangible projects and/or intangible effort-based strategies. When manipulation is not possible\, the optimal contract takes the form of an outcome-based security design\, similar to a sustainability-linked bond (SLB)\, with a payoff that is contingent on green outcomes. When manipulation is costless\, the optimal contract takes the form of a project-based security design\, similar to a green bond (GB)\, with a payoff that depends on the implementation of green projects. When green outcomes can be manipulated at some cost\, the optimal contract is a hybrid which incorporates both an outcome-contingency (like an SLBs) and a project-contingency (like a GB). The model rationalizes several empirical facts. \n  \nOrganizers:  Patricia Crifo\, Emmanuel Gobet\, Peter Tankov\, Gauthier Vermandel\, and Olivier David Zerbib \nSponsors:\nCREST-CMAP \n
URL:https://crest.science/event/adelina-barbalau-hec-paris-university-of-alberta-the-optimal-design-of-green-debt/
CATEGORIES:Finance-Insurance,Quantitative Sustainable Economics and Finance,Seminars
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