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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
Document Type
Research / Academic Paper
Publication Year
2020
Retrieved
5 May 2026
Source
Contact XFID for Access
Record ID
XFZK6MIR65
Validation
Inferred by XFID

Topics

Bank LendingStranded Assets

Cited by (1)

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