found a negative short-term effect on share prices following divestment, but the overall evidence on direct effects remained limited, and the duration of potential effects continued to be unclear.
identified about 80 banks around the world that have implemented coal divestment policies, affecting more than half of coal lending activity used a shift-share instrument combining the lending ban strength measure and timing with borrower-bank relationships documented large effects of the policies on coal firm loan issuances, as well as on their outstanding debt and total assets
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