Replication data for: Drilling Like There's No Tomorrow: Bankruptcy, Insurance, and Environmental Risk
Principal Investigator(s): View help for Principal Investigator(s) Judson Boomhower
Version: View help for Version V1
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| Data | 10/12/2019 06:02:AM | ||
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Project Citation:
Boomhower, Judson. Replication data for: Drilling Like There’s No Tomorrow: Bankruptcy, Insurance, and Environmental Risk. Nashville, TN: American Economic Association [publisher], 2019. Ann Arbor, MI: Inter-university Consortium for Political and Social Research [distributor], 2019-10-12. https://doi.org/10.3886/E113126V1
Project Description
Summary:
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This paper measures the effects of bankruptcy protection on industry structure and environmental outcomes in oil and gas extraction. Using administrative data from Texas, I exploit variation in an insurance requirement that reduced firms' ability to avoid liability through bankruptcy. Among small firms, the policy substantially improved environmental outcomes and reduced production. Most production was reallocated to larger firms with better environmental records, but high-cost production where social cost may have exceeded social benefit
decreased. These results suggest that incomplete internalization of environmental costs due to bankruptcy is an important determinant of industry structure and safety effort in hazardous industries.
Scope of Project
JEL Classification:
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G22 Insurance; Insurance Companies; Actuarial Studies
G33 Bankruptcy; Liquidation
L25 Firm Performance: Size, Diversification, and Scope
L71 Mining, Extraction, and Refining: Hydrocarbon Fuels
Q35 Hydrocarbon Resources
Q52 Pollution Control Adoption and Costs; Distributional Effects; Employment Effects
G22 Insurance; Insurance Companies; Actuarial Studies
G33 Bankruptcy; Liquidation
L25 Firm Performance: Size, Diversification, and Scope
L71 Mining, Extraction, and Refining: Hydrocarbon Fuels
Q35 Hydrocarbon Resources
Q52 Pollution Control Adoption and Costs; Distributional Effects; Employment Effects
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