Asset Overhang and the Green Transition

Hans Degryse, Tarik Roukny and Joris Tielens

EconPol Forum, 2023, vol. 24, issue 01, 31-34

Abstract: Environmental technologies threaten dirty legacy portfolios of external financiers “Asset overhang” refers to an investor’s incentive not to finance disruptive green firms in an attempt to protect exposed legacy positions Empirically, asset overhang renders green disruptors up to 4.4 percentage points less likely to receive external finance The presence of financiers with low asset overhang trigger systemwide incentives to fund green firms Limited policy interventions aimed at reducing such overhang can alleviate financial barriers to the green transition

Date: 2023
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