Some Don't Like It Hot: Bank Depositors and NGO Campaigns Against Brown Banks
Résumé
We exploit new data on NGO campaigns that target banks financing fossil fuels (“brown” banks) to build a measure of French banks’ environmental reputation, which we merge with granular data on bank deposits and loans of households in France over 2010-2020. We find that banks publicly blamed for funding climatedamaging projects face a lower supply of deposits. Depositors mostly react to their bank’s brown reputation after the implementation of a new regulation that cuts down the transaction costs of changing banks. Last, using a large database of new mortgage loans, we show that brown banks also face a relatively lower demand for housing loans, implying lower mortgage loan rates offered to their customers.
Domaines
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