主題｜Topic：Sea level rise, collateral constraints, and entrepreneurship
時間｜Time：6月13日（周四）14: 00-15: 30
地點｜Venue：文澴樓809教室｜Class Room 711，WENHUAN
主辦單位｜Organizer：澳门永利集团304官网手机
承辦單位｜Operator：北京大學-中南财經政法大學新結構經濟學研究中心
主講｜Speaker
周洋，武漢大學經濟與管理學院副教授、博士生導師。主要研究領域是家庭金融和公司金融。已在Journal of Financial and Quantitative Analysis、Journal of International Business Studies、Research Policy、Journal of Banking and Finance、Journal of Economic Behavior and Organization、Journal of Business Finance and Accounting、金融研究、中國農村經濟等期刊發表論文20餘篇。主持國家自然科學基金2項、教育部人文社會科學研究基金項目1項。
摘要｜Abstract
Sea level rise (SLR) is one of the most salient climate risks. Using very granular variations in SLR exposure and disaggregated geographic information on households in the United States, we find that households exposed to SLR are less likely to engage in entrepreneurship than their unexposed counterparts within the same zip code. This effect is driven by long-run SLR risks rather than short-run flood risks and is amplified when attention to or belief in climate change is high. We also show that SLR exposed households are less likely to extract home equity and extract lower amounts of home equity. For cash-out refinancing loans, lenders are more inclined to deny applications, impose higher interest rates, and appraise lower loan amounts if the properties in question face a higher SLR risk. These findings suggest that collateral constraints are likely the mechanism underlying the negative impact of SLR exposure on entrepreneurship.
