Risk and responsibility: Private equity financiers and the <scp>US</scp> shale revolution

Field, Sean L.

doi:10.1002/sea2.12221

Cited by 6 publications

(5 citation statements)

References 30 publications

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“…Then I asked Tom how the industry is changing and how calls to address climate change impact him and others. Reflecting, first, on the state of the US hydrocarbon industry in late 2019, he explained how "markets rewarded companies on the basis of how much acreage you control," describing a phase of the US "shale revolution," when investors clamored to buy proven but not yet producing unconventional oil and gas reserves (see Field, 2022aField, , 2022b In this phase, companies' worth was equated to the "net asset value" of their future expected hydrocarbon production. He continued, "The investment community equated acreage to value.…”

Section: Tom's Tablementioning

confidence: 99%

“…We're now equating free‐cash‐flow positive … to value’” (October 24, 2019). Lamenting the shift from expansive “growth” to capital “discipline” in the sector, he talked about the “reserve value” of subterranean oil and gas deposits and shifts in what “the investment community values.” By this, he did not mean that investors fundamentally shifted away from normative economic notions of value but rather that there was a shift in where investors saw potential opportunities to generate value in the form of profits within the hydrocarbon industry (Field, 2022a, 2022b).…”

Section: Tom's Tablementioning

confidence: 99%

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Value as ethics: Climate change, crisis, and the struggle for the future

Field¹

2023

Economic Anthropology

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Drawing on ethnographic research in Houston, Texas, I contribute novel ethnographic insights into how oil and gas experts understand notions of value. I show that prevailing notions of value are normatively defined in economic terms and closely tied to understandings of an American “way of life.” Questions of value, I suggest, reveal our idiosyncratic and shared ethical orientations toward what we think is important and the futures we are fighting to create. The climate crisis, as such, is not a crisis of emissions or hydrocarbons but a crisis of how value is assigned to worldly things. I conclude by arguing that until we address questions of value, we are unlikely to address the existential crisis of anthropogenic climate change.

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Section: Tom's Tablementioning

confidence: 99%

Section: Tom's Tablementioning

confidence: 99%

Value as ethics: Climate change, crisis, and the struggle for the future

Field¹

2023

Economic Anthropology

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“…Th ese decisions carry a moral weight that underscores that climate fi nance operates as an ethical fi eld, similarly to Dinah Rajak's fi nding in CSR of a theater of virtue that is intimately tied to the materiality and facts of climate change (Beunza 2019;Latour 2018;Rajak 2011b). In parallel to this, Sean Field (2022) argues that responsibility craft s decision making amongst private equity oil investors.…”

Section: People In Fi Nancementioning

confidence: 99%

Careers and climates

Tripathy

2022

Focaal

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Climate finance has grown rapidly. What does this mean for people who construct careers in finance that leverage expertise to frame sustainability and climate change as investment decisions? What do their identities mean for the markets they create? This article examines how the careers of climate finance professionals impact them both as professionals and as people. I examine what climate action and impact mean in their decision-making. I find that practitioners interpret their careers around pivotal decisions that brought them into climate finance. This moralistic decision-making embedded in practitioner biographies highlights the effect of a particular ethical field in climate finance. In producing climate finance instruments through performative and data work, people transform into climate finance professionals.

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“…Within the company, although the major shareholders use their own information advantages and control rights to transfer interests through private placement, so that they can obtain substantial benefits, after the relaxation of short-selling control, if major shareholders continue to seek personal interests through private placement, they may be punished by investors for short-selling the company’s stock. If the company is short-sold and the stock price falls sharply, it will harm the interests of major shareholders, and take financial risk ( Field, 2022 ). In particular, the China securities market is very speculative, and if the stock price falls sharply, it may cause the risk of a stock price crash.…”

Section: Literature Review and Research Hypothesesmentioning

confidence: 99%

The Inhibitory Effect of the Deregulation Short-Sale on Private Equity Placement

Wang

2022

Front. Psychol.

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In countries with a high degree of equity concentration, such as China, the second type of agency problem is serious in which major shareholders of listed companies encroach on the interests of small and medium shareholders through private placement. As a financial transaction system, the short-selling mechanism has the function of external corporate governance. Therefore, this paper examines the impact of relaxing short-selling controls on companies’ private placements. Based on the quasi-natural experiment of China’s gradual relaxation of short-selling controls since 2010, a double-difference model (DID) test is constructed to find that relaxing short-selling controls reduces companies’ private placement tendency and amount, and this effect is mainly reflected in samples with a higher degree of equity checks and balances. Further analysis found that when the size of the company’s financing constraints is different, the impact of relaxing short-selling control on the company’s private placement tendency and amount is different; when the chairman and the general manager have two positions, relaxing short-selling control reduces the company’s private placement options, but it has a negative impact on the company’s private placement. There is no difference in the impact of the company’s private placement amount. It can be excluded that the relaxation of short-selling control suppresses the company’s placement through financing constraints and corporate governance mechanisms. Compared to a good information environment, when the company’s information environment is poor, relaxing short-selling controls reduces the company’s private placement tendency and amount. Significantly, it shows that the relaxation of short-selling control policy and supervision inhibits the company’s private placement through the information environment mechanism, and promotes the sustainable development of enterprises. It not only improves the literature in the field of short-selling mechanism affecting corporate behavior, but it also enriches the research on the transfer of benefits of private placement of companies.

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Risk and responsibility: Private equity financiers and the US shale revolution

Cited by 6 publications

References 30 publications

Value as ethics: Climate change, crisis, and the struggle for the future

Value as ethics: Climate change, crisis, and the struggle for the future

Careers and climates

The Inhibitory Effect of the Deregulation Short-Sale on Private Equity Placement

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