We find that manufacturing firms adopt more conservative capital structures in response to the NOx Budget Trading Program (NBP) of 2004, a regional cap-and-trade program aimed at mitigating the NOx emissions of power plants in 11 midwestern and southeastern states in the United States. Our...

We examine how climate regulation impacts corporate debt maturity by exploiting the implementation of the 2004 NOx budget trading program (NBP) in 11 midwestern and southeastern states in the United States. We find that manufacturers shortened their debt maturity to adapt to this regulation,...

We examine how climate regulation impacts corporate debt maturity by exploiting the implementation of the 2004 NOx budget trading program (NBP) in 11 midwestern and southeastern states in the United States. We find that manufacturers shortened their debt maturity to adapt to this regulation,...