Manthos D Delis; Sizhe Hong; Nikos PALTALIDIS; Dennis Philip
Forward Guidance and Corporate Lending Article de journal
Dans: Review Of Finance, vol. 26, no. 4, p. 899-935, 2022.
@article{delis_4210,
title = {Forward Guidance and Corporate Lending},
author = {Manthos D Delis and Sizhe Hong and Nikos PALTALIDIS and Dennis Philip},
url = {https://doi.org/10.1093/rof/rfab027},
year = {2022},
date = {2022-07-01},
journal = {Review Of Finance},
volume = {26},
number = {4},
pages = {899-935},
abstract = {We suggest that forward guidance, via publicly committing the central bank to future actions and creating associated expectations, fundamentally affects bank lending decisions independently of other forms of monetary policy. To test this hypothesis, we build a forward guidance measure based on the language used in the Federal Open Market Committee meetings and match this measure with syndicated loans. Our results show that expansionary forward guidance decreases corporate loan spreads and that this effect is stronger for well-capitalized banks lending to riskier firms. Forward guidance also affects nonprice lending terms, such as covenants, performance pricing provisions, and the loan syndicate structure. Additionally, banks tend to initiate new lending relationships with lower spreads after forward guidance issuance.},
keywords = {},
pubstate = {published},
tppubtype = {article}
}
Nikos PALTALIDIS; Vangelis Souitaris; Geoff Wood
Political Lobbying and Firms' Decoupling Conférence
Hellenic Finance and Accounting Association, Athens, Greece, 2025.
@conference{paltalidis_4145,
title = {Political Lobbying and Firms' Decoupling},
author = {Nikos PALTALIDIS and Vangelis Souitaris and Geoff Wood},
url = {http://www.hfaa.gr/wp-content/uploads/2025/12/program-2025-%CE%A4%CE%95%CE%9B%CE%99%CE%9A%CE%9F.-.pdf},
year = {2025},
date = {2025-12-01},
booktitle = {Hellenic Finance and Accounting Association},
address = {Athens, Greece},
abstract = {We present empirical evidence that intensive corporate lobbying functions as a powerful mechanism and channel for firms to maintain or increase Scope 1 carbon emissions while publicly claiming ambitious climate targets, effectively engaging in environmental deceptive decoupling. An increase in political lobbying intensity is associated with substantially higher emissions the following year. Using a novel deep learning model that extracts and quantifies carbon-emission commitments and target-achievement claims directly from firms' quarterly earnings-call transcripts, we show that political lobbying is one of the strongest negative predictors of actually meeting either rigorous third-party (MSCI-rated) or self-reported climate targets, reducing fulfillment probability by up to 54 percentage points. We also find that Democratic presidencies sharply reduce economy-wide emissions intensity and amplify the effectiveness of genuine target achievement, yet politically active firms respond by intensifying their decoupling precisely when regulatory threat is highest. In contrast, higher institutional ownership strongly promotes target fulfillment of real emissions reductions. Framing these patterns through deceptive decouple-induced rent-seeking theory, we argue that firms expend resources on lobbying not for productive innovation but to secure regulatory protection that allows them to preserve profits by avoiding costly decarbonization, undermining climate policy and distorting competition, while eroding trust in corporate climate commitments.},
note = {December 19-20, 2025 in Athens Greece},
keywords = {},
pubstate = {published},
tppubtype = {conference}
}
Nikos PALTALIDIS; Dimitrios Gounopoulos; Dimitrios Konstantios; Panayotis Michaelide
Rare Disasters and Bank Lending Conférence
23rd Conference in Research in Econometric Theory and Economics, Tinos, Greece, 2025.
@conference{paltalidis_4143,
title = {Rare Disasters and Bank Lending},
author = {Nikos PALTALIDIS and Dimitrios Gounopoulos and Dimitrios Konstantios and Panayotis Michaelide},
url = {https://pages.aueb.gr/conferences/Crete2025/#program},
year = {2025},
date = {2025-07-01},
booktitle = {23rd Conference in Research in Econometric Theory and Economics},
address = {Tinos, Greece},
abstract = {We examine what incentivizes firms to increase climate risk exposure. Using a difference-in-differences identification we show that contractionary monetary policy raises the cost of capital, leading firms -especially those with high climate risk exposure in the U.S. and the E.U.- to increase their climate risk exposure and reduce new investments. This counterproductive policy slows the speed of adjustment towards an optimal investment level, though its effect is milder for green firms. We also develop a new measure of central banks' guidance employing a deep learning model to capture its impact on firms' climate risks exposure. When central banks provide proactive guidance for climate risk issues and communicate a positive economic outlook, they induce firms to lower their climate risk exposure and increase new investments. The European Central Bank's forward-looking stance proves more effective than the Federal Reserve's reactive approach in encouraging firms to mitigate climate risks.},
note = {July 07-11, 2025},
keywords = {},
pubstate = {published},
tppubtype = {conference}
}
Nikos PALTALIDIS; Dimitrios Gounopoulos; Dimitrios Konstantios
Monetary Policy and Firms' Climate Risk-Taking Incentives Conférence
Brunel University Conference: "Social and Sustainable Finance: Bridging Methods, Policy and Practice", Brunel, UK, 2025.
@conference{paltalidis_4144,
title = {Monetary Policy and Firms' Climate Risk-Taking Incentives},
author = {Nikos PALTALIDIS and Dimitrios Gounopoulos and Dimitrios Konstantios},
url = {https://sites.google.com/view/bcssfinance/program},
year = {2025},
date = {2025-06-01},
booktitle = {Brunel University Conference: "Social and Sustainable Finance: Bridging Methods, Policy and Practice"},
address = {Brunel, UK},
abstract = {We examine what incentivizes firms to increase climate risk exposure. Using a difference-in-differences identification we show that contractionary monetary policy raises the cost of capital, leading firms -especially those with high climate risk exposure in the U.S. and the E.U.- to increase their climate risk exposure and reduce new investments. This counterproductive policy slows the speed of adjustment towards an optimal investment level, though its effect is milder for green firms. We also develop a new measure of central banks' guidance employing a deep learning model to capture its impact on firms' climate risks exposure. When central banks provide proactive guidance for climate risk issues and communicate a positive economic outlook, they induce firms to lower their climate risk exposure and increase new investments. The European Central Bank's forward-looking stance proves more effective than the Federal Reserve's reactive approach in encouraging firms to mitigate climate risks.},
note = {23-24 June 2025},
keywords = {},
pubstate = {published},
tppubtype = {conference}
}
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