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DTSTAMP:20250222T060317Z
SUMMARY:Olivier Darmouni\, PhD\, Columbia Business School
DESCRIPTION: \n\nRESEARCH INTERESTS\n\nCredit markets\, monetary policy\, e
 nergy transition\n\nWORKING PAPERS\n\nBrown Capital (Re)Allocation with Yu
 qi Zhang. New version coming soon!\nData on Coal Power Plant Ownership in 
 Europe\n\nWe study who owns coal power plants – the largest single sourc
 e of\ncarbon emissions – in Europe. A sharp increase in private firms’
 \nownership was met by a large decline in public equity ownership. This\nd
 ecline was not driven by public equity investors selling plants\, but\nby 
 their scaling down of plants quickly. State investors played a\ncrucial ro
 le\, selling to private firms and slowly scaling down their\nplants. We ca
 librate a model in which asset owners vary in how they\nvalue externalitie
 s. Nationalization by state investors that value\nsocial factors (jobs\, 
 “energy security”) can hinder “green\nfinance” in decreasing emiss
 ions.\n\nNon-Bank Lending to Mid-Size Firms in Europe: Evidence from Corpo
 rate\nSecurities with Melina Papoutsi. New version!\n\nUsing newly availab
 le micro-data\, this paper documents new evidence on\nthe rise of non-bank
  credit to mid-size firms in the euro area. Recent\nnew issuers of debt se
 curities are typically small\, private\, and\nunrated. Their spreads are c
 omparable to high-yield bonds. Traditional\n“buy-and-hold” investors a
 re small for unrated and smaller\nissuers\, while non-bank intermediaries 
 are large. These non-bank\nintermediaries were however as stabilizing as i
 nsurers during the\nMarch 2020 turmoil. Nevertheless\, the subsequent bond
  issuance wave\nwas restricted to large and rated firms. This market thus 
 more closely\nresembles “private debt” markets than the traditional bo
 nd market.\n 
DTSTART:20250221T153000Z
DTEND:20250221T170000Z
LOCATION:Gerri C. LeBow Hall\, 3220 Market Street\, 722\, Philadelphia\, PA
  19104
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