讲座通知——首都金融论坛第146期：Can attention raise cost of debt: evidence from automatic earthquake rapid report system in China
发布时间：2021-11-16 来源： 作者： [打印] 字号： T T T
会议主题：Can attention raise cost of debt: evidence from automatic earthquake rapid report system in China
内容提要：This paper adopts (Bunching-) difference-in-difference (DID) approach and geographic regression discontinuity design (RDD) to investigate the impact of attention of earthquake risk on firms’ cost of debt. China launched automatic earthquake rapid report system (AQR) in 2013, which raised investors’ awareness on seismic information. We find that after AQR was released, the firms located in the earthquake zone experienced an increase in borrowing cost compared to firms outside the earthquake zone. The effect is more pounced for firms located within some distance of the center of an earthquake zone, compared to firms located just in the center of an earthquake zone. Furthermore, the impact is stronger for firms with higher risk exposure to earthquakes, for firms far away from the loan-issuing branch, and when the media has more attention on earthquakes, while weaker for firms where the occurred earthquakes are more severe. By evaluating the loan performance, we find that this attention shock did not lead to a rise in the rate of non-performing loans of banks. We argue that the increase in the lending rate is due to an overreaction of the availability heuristics of bank operators.
主讲人信息：彭俞超，中央财经大学金融学院副教授，丝路金融研究中心执行主任，全国金融系统青年联合会第三届委员会委员。主要研究方向为宏观金融、银行与公司金融。近年来，在《Journal of Development Economics》《Journal of Money, Credit and Banking》《Journal of International Money and Finance》《经济研究》（4篇）《经济学（季刊）》（3篇）《世界经济》（2篇）《中国工业经济》《金融研究》（5篇）等国内外权威期刊发表（接受）论文40余篇，主持国家自然科学基金1项。获得第二届PWC3535优秀论文奖，思略青年学者。