讲座题目：Green financing and politicians’incentives: Evidence from proprietary loan assessment data

主讲人：杨勇 香港中文大学

时间：2022年11月17日周四上午10:00

地点：腾讯会议: 976 139 611

主办单位：999策略白菜手机论坛会计系

讲座内容摘要：

We examine the role of local politicians’ incentives on bank’s green loan decision by obtaining a proprietary internal branch-loan level dataset on the borrowers’ environmental risk ratings from one of the largest banks in China. We first find that the bank’s environmental risk ratings of its borrowers reflect the real environmental risks that the borrowers face and that the bank prices the loans accordingly. We find that the individual branch's consideration of the borrowers’ environmental risk ratings weakens when city government leaders have political incentives to enhance local macroeconomic growth. Overall, we highlight that green financing initiatives are compromised and influenced by local officials’ political incentives

主讲人简介：

FACULTY APPOINTMENTS

2020.08-present Professor of Accounting, Chinese University of Hong Kong Outstanding Fellow of the Faculty of Business Administration Director, School of Accountancy

2012.08-2020.07 Associate Professor of Accounting, Chinese University of Hong Kong

2005.08-2012.07 Assistant Professor of Accounting, Chinese University of Hong Kong

PUBLICATIONS

1.Voluntary Nonfinancial Disclosure and the Cost of Equity Capital: The Initiation of Corporate Social Responsibility Reporting(withDhaliwal, Dan;Li, Oliver Zhen;Tsang, Albert).2011.The Accounting Review, Vol. 86, No. 1, 59-100. (A“most cited”paper of The Accounting Review in multiple years.)

2.Nonfinancial Disclosure and Analyst Forecast Accuracy: International Evidence on Corporate Social Responsibility Disclosure(withDhaliwal, Dan;Radhakrishnan, Suresh;Tsang, Albert). 2012.The Accounting Review, Vol 87, No. 3, 723-759.

3.An Examination of the Impact of the Sarbanes-Oxley Act on the Attractiveness of U.S. Capital Markets for Foreign Firms(with Hostak, Peter; Lys, Tom). 2013.TheReview of Accounting Studies. Vol 18, No. 2, 522-559.

4. Monitors or Predators: The Influence of Institutional Investors on Sell-side Analysts(with Gu, Zhaoyang; Li, Zengquan). 2013.The Accounting Review. Vol 88, No. 1, 137-169.

5.Corporate Social Responsibility Disclosure and the Cost of Equity Capital: The Roles of Stakeholder Orientation and Financial Transparency(with Dhaliwal, Li, and Tsang). 2014.Journal of Accounting and Public Policy.Vol. 33, 328-355.

6. Relationship Networks and Earnings Informativeness: Evidence from Corruption Cases (with Joseph Fan; Feng Guan; Zengquan Li). 2014.Journal of Business Finance and Accounting.41(7) & (8), 831-866.

7. Are All Independent Directors Equally Informed? Evidence Based on Their Trading Returns and Social Networks (with Cao, Ying; Dhaliwal, Dan; Li, Zengquan). 2015.Management Science.Vol. 61 (4), 795-813.

8.Management Forecasts and the Cost of Equity Capital: International Evidence (With Cao, Ying; Myers, Linda; Tsang, Albert). 2017.Review of Accounting Studies 22 (2): 791-838.

9. Friends in need are friends indeed: The Effects of Social Ties between Financial Analysts and Mutual Fund Managers (with Gu, Zhaoyang; Li, Zengquan; Li, Guangqing). 2019.The Accounting Review 94 (1): 153-181.

10. Analysts’beauty and performance (with Ying Cao, Feng Guan, and Zengquan Li).Management Science, 2020, forthcoming.

11. East, west, home’s best: Are local CEOs less myopic (with Shufang Lai and Zengquan Li). 2020.The Accounting Review 95 (2): 227-255.

12. Does the use of Non-GAAP earnings in compensation contracts lead to excessive CEO compensation? Efficient contracting vs. managerial power.Journal of Business Finance and Accounting, 2020 forthcoming.

13. National culture and analysts’forecasting behavior.Review of Accounting Studies, 2022, Forthcoming.