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预告 | 经管学术报告2019年第32讲

预告 | 经管学术报告2019年第32

报告时间:97日(周六),10:3011:30

报告地点:C101

报告题目:

Do banks incorporate environmental risks in loan price decisions?

报告摘要:

  This paper examines the extent to which the environmental responsibility score influences commercial banks’ loan rate decisions. By examining 8,677 loan data of commercial banks and the environmental responsibility score in the period 2010-2015, we find a negative impact of the environmental responsibility score on the loan rate. Its impact, however, varies between banks depending upon their power to access proprietary information. When the bank has information advantage, the environmental responsibility score limits incremental information supplied to banks and hence has a weaker role in their loan decisions, compared to banks with less information advantage. When banks have higher expectations for environmental responsibility of companies operating in heavily polluting industries, such expectations offsets the role of the environmental responsibility score, weakening its impact on the loan rate decision. Our findings remain robust after we control for the endogeneity, sample bias and alternative explanations. Overall, our results consistently show that commercial banks consider the environmental responsibility score in their loan decisions.

报告人简介:

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Jia Liu

 Jia Liu is Professor of Finance at the University of Salford, UK. Her research interests focus on corporate finance, corporate governance, asset pricing, and energy finance and economics. She has published in leading finance, economics and business management journals. Her research has won prestigious awards, including the British Academy of Management and European Management Journal Best Paper Prizes. She is Associate Editor of the British Accounting Review and International Review of Financial Analysis, British Journal of Management, among others.