喻园管理论坛2021年第80期(总第737期)

演讲主题: Walking the Walk? Bank ESG Disclosures and Home Mortgage Lending

主 讲 人: 朱效禹，中山大学岭南学院金融系助理教授

主 持 人: 李安泰，威尼斯欢乐娱人城·首页财务金融系讲师

活动时间: 2021年11月12日（周五）10:00-11:30【讲座时间变更，原讲座时间为10月29日】

活动地点: 管理大楼119室

主讲人简介：

朱效禹博士现任中山大学岭南学院金融系助理教授，他博士毕业于纽约城市大学-巴鲁克商学院，研究领域为公司金融和企业社会责任。多次参加包括2021年美国会计年会（AAA），2021年美国金融管理年会（FMA），2021 RAS Conference, 2021年欧洲金融管理年会（EFMA）, 2020年美国经济学年会（2020 ASSA/AEA Society of Government Economists annual meeting）；2021年美国东部金融年会（2021 Eastern Finance Association）；2019亚洲金融管理年会（2019 FMA Asia）等国际会议。博士毕业论文获得纽约城市大学-巴鲁克商学院最高奖励（Oscar Lasdon Memorial Award for the best doctoral dissertation in the field of finance or investment）。

活动简介：

We show that banks with high environmental, social, and governance (ESG) ratings issue fewer mortgages in poor neighborhoods—in quantity and dollar amount—than banks with low ESG ratings. This lending disparity is observed at both the county and census tract level and worsens in disaster areas of severe hurricane strikes. Additional tests indicate no difference in mortgage default rates between high- and low-ESG banks, rejecting an alternative explanation based on differential credit screening quality. The evidence supports a social wash effect: banks deploy prosocial rhetoric and symbolic actions while not lending much in disadvantaged communities, the social function they ought to perform. The Community Reinvestment Act (CRA) examinations partially undoes the social wash effect.