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Publications

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Green, Daniel W. Remove Green, Daniel W. →

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  • 2022
  • Working Paper

Can Finance Save the World? Measurement and Effects of Coal Divestment Policies by Banks
By: Daniel Green and Boris Vallée
We study whether divestment policies are an effective tool to address climate change, using coal lending bans by banks around the world as a laboratory. In contrast to theories arguing divestment is ineffective because capital is highly subsitutable, we find large...  View Details
Keywords: Coal Power; Climate Change; Investment; Environmental Sustainability; Policy; Financing and Loans; Energy Industry; Banking Industry
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  • June 2022
  • Teaching Note

A Case in Point: Shared Home Equity
By: Daniel Green, Boris Vallee and Sean Bracken
Teaching Note for HBS Case No. 221-026.  View Details
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  • June 2022
  • Case

PFA Pensions: The Climate Plus Product
By: Daniel Green, Victoria Ivashina and Alys Ferragamo
The case explores whether alternative investments play a unique role in achieving low carbon dioxide emissions at the portfolio level. This case is set in April of 2020 and follows Kasper Ahrndt Lorenzen, Chief Investment Officer, and Peter Tind Larsen, Head of...  View Details
Keywords: Carbon Emissions; Carbon Footprint; Alternative Assets; Alternative Investment Vehicles; Pension Fund Investing; Private Equity; Renewable Energy; Investment Portfolio; Corporate Social Responsibility and Impact; Environmental Sustainability; Denmark
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  • July 2021
  • Supplement

Playing the Field: Competing Bids for Anadarko Petroleum Corp
By: E. Scott Mayfield, Daniel Green and Benjamin C. Esty
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  • July 2021
  • Teaching Note

Playing the Field: Competing Bids for Anadarko Petroleum Corp.
By: Daniel Green, E. Scott Mayfield and Benjamin C. Esty
Teaching Note for HBS Case No. 220-087.  View Details
Keywords: Mergers and Acquisitions; Bids and Bidding; Decision Making; Cost vs Benefits
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  • February 2021
  • Article

A Dynamic Theory of Multiple Borrowing
By: Daniel Green and Ernest Liu
Multiple borrowing—a borrower obtains overlapping loans from multiple lenders—is a common phenomenon in many credit markets. We build a highly tractable, dynamic model of multiple borrowing and show that, because overlapping creditors may impose default externalities...  View Details
Keywords: Commitment; Multiple Borrowing; Common Agency; Misallocation; Microfinance; Investment; Mathematical Methods
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  • January 2021
  • Article

State and Local Government Employment in the COVID-19 Crisis
By: Daniel Green and Erik Loualiche
Local governments are facing large losses in revenues and increased expenditures because of the COVID-19 crisis. We document a causal relationship between fiscal pressures induced by COVID-19 and the layoffs of state and local government workers. States that depend...  View Details
Keywords: Local Government; Municipal Finance; Public Finance; Fiscal Capacity; Fiscal Policy; Governance; Local Range; Health Pandemics; Employment; Finance; Policy; Public Sector
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  • November 2020
  • Article

Accelerator or Brake? Cash for Clunkers, Household Liquidity, and Aggregate Demand
By: Daniel Green, Brian Melzer, Jonathan Parker and Arcenis Rojas
This paper evaluates the Car Allowance Rebate System (CARS) by comparing the vehicle purchases and disposals of households with eligible "clunkers" to those of households with similar, but ineligible, vehicles. CARS caused roughly 500,000 purchases during the program...  View Details
Keywords: Automobiles; Purchasing; Government Incentives; Household; Financial Liquidity; Income; Behavior
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  • October 2020 (Revised November 2021)
  • Case

Divesting Harvard's Endowment
By: Daniel Green, Luis M. Viceira and Holly Fetter
By early 2020 Harvard University was facing growing pressure from students, faculty, and alumni to divest its $40 billion endowment of financial stakes in fossil fuel producers. Its previous policy of avoiding the issue was quickly becoming outdated—$21 trillion of...  View Details
Keywords: Divestment; Harvard University; ESG; Higher Education; Investment Portfolio; Environmental Sustainability; Strategy; Corporate Social Responsibility and Impact
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  • October 2020 (Revised July 2022)
  • Case

A Case in Point: Shared Home Equity
By: Daniel Green, Boris Vallee, Sid Beaumaster and Yang (Dolly) Yu
Keywords: Real Estate
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  • 2021
  • Working Paper

The Allocation of Socially Responsible Capital
By: Daniel Green and Benjamin N. Roth
Portfolio allocation decisions increasingly incorporate social values. The most common of these strategies are misguided. We develop a tractable framework in which commercial and social investors compete, and identify alternative strategies for social investors that...  View Details
Keywords: Socially Responsible Investing; Assets; Resource Allocation; Social Issues; Decision Making; Strategy; Framework
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  • May 2020 (Revised August 2021)
  • Case

Playing the Field: Competing Bids for Anadarko Petroleum Corp
By: E. Scott Mayfield, Daniel Green and Benjamin C. Esty
On April 8, 2019, Occidental’s CEO Vicki Hollub made a private offer to buy Anadarko Petroleum Corporation for $72 in cash and stock. Anadarko's CEO Al Walker said he would consider the offer, yet three days later, on April 11, he signed a merger agreement with Chevron...  View Details
Keywords: Mergers and Acquisitions; Bids and Bidding; Decision Making; Cost vs Benefits
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  • 2018
  • Working Paper

Corporate Refinancing, Covenants, and the Agency Cost of Debt
By: Daniel Green
How valuable are restrictive debt covenants in reducing the agency costs of debt? I exploit the revealed preference decision to refinance fixed-coupon bonds, which weighs observable interest rate savings against the unobservable costs of a change in restrictive...  View Details
Keywords: Covenants; Refinancing; Corporate Bonds; Agency Costs; Debt Policy; Borrowing and Debt; Bonds; Interest Rates
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