阳光和银行贷款

IF 7.5 1区经济学 Q1 BUSINESS, FINANCE

International Review of Financial Analysis Pub Date : 2024-10-19 DOI:10.1016/j.irfa.2024.103678

Donghui Li , Xuanchang Qi , Jian Sun , Chun Yuan , Liyi Zhu

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引用次数: 0

摘要

本研究利用一家中国国有商业银行独有的专有贷款数据集，研究阳光引发的情绪如何影响因贷款违约而受到惩罚的高层贷款人员的贷款定价决策。我们的研究结果表明，贷款人员工作场所的日照强度增加会提高对借款人的贷款定价。这一结果可以用情绪渠道来解释：阳光会诱发贷款人员的积极情绪，导致他们在贷款定价决策中更多地规避风险，这就是所谓的情绪维持效应。对于高风险企业、银行与企业信息高度不对称的企业以及银行竞争较少的地区，这种效应会被放大。在考虑了各种稳健性问题和内生性问题后，我们的主要结果仍然有效。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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Sunshine and bank lending

This study uses a unique proprietary loan-level dataset from a state-owned Chinese commercial bank to examine how sunshine-induced emotions influence loan pricing decisions made by high-level loan officers who would be punished for loan defaults. Our findings reveal that an increased intensity of sunshine at loan officers' workplace can increase loan pricing for borrowers. The result can be explained by the mood channel: sunshine induces a positive mood among loan officers leading to greater risk aversion in their loan pricing decisions, known as the mood maintenance effect. This effect is magnified for firms with high risk, high bank–firm information asymmetry, and in locations characterized by less bank competition. Our main results are still valid after taking into account various robustness issues and endogeneity concerns.

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来源期刊

International Review of Financial Analysis BUSINESS, FINANCE-

CiteScore

10.30

自引率

9.80%

发文量

366

期刊介绍： The International Review of Financial Analysis (IRFA) is an impartial refereed journal designed to serve as a platform for high-quality financial research. It welcomes a diverse range of financial research topics and maintains an unbiased selection process. While not limited to U.S.-centric subjects, IRFA, as its title suggests, is open to valuable research contributions from around the world.