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XF-ZK6MIR6-5
Research / Academic Paper ACTIVE

Drilling and debt

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Abstract

ABSTRACT This paper documents a previously unrecognized debt‐related investment distortion. Using detailed project‐level data for 69 firms in the oil and gas industry, we find that highly levered firms pull forward investment, completing projects early at the expense of long‐run project returns and project value. This behavior is particularly pronounced prior to debt renegotiations. We test several channels that could explain this behavior and find evidence consistent with equity holders sacrificing long‐run project returns to enhance collateral values and, by extension, mitigate lending frictions at debt renegotiations.

Source: resolved

Document Metadata

Issuer
Wiley (Business Strategy and the Environment)
Document Type
Research / Academic Paper
Publication Year
2020
Retrieved
5 May 2026
Source
doi.org
Record ID
XFZK6MIR65
Validation
Inferred by XFID

Verification

XFIDs are content-addressed: these SHA-256 fingerprints let anyone confirm a copy of this document is identical to what XFID retrieved on 5 May 2026 — independent of this registry.

SHA-256 (file bytes)
a923cb2afc8de94fbf8cc5c6e71ffd1f68b054dec2967316a1cea4d79e6f19e0
SHA-256 (canonical content)
a923cb2afc8de94fbf8cc5c6e71ffd1f68b054dec2967316a1cea4d79e6f19e0
Source access-restricted (bot wall / registration / paywall) — last checked 6 July 2026

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Topics

Bank LendingStranded Assets

Cited by (1)

Other RESEARCH documents in the registry that cite this work.

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Academic / report citation
Wiley (Business Strategy and the Environment) (2020). Drilling and debt. XFID: XF-ZK6MIR6-5. Retrieved from https://xframework.id/XFZK6MIR65
Identifier only
XF-ZK6MIR6-5