主题｜Topic：Sea level rise, collateral constraints, and entrepreneurship
时间｜Time：6月13日（周四）14: 00-15: 30
地点｜Venue：文澴楼809教室｜Class Room 711，WENHUAN
主办单位｜Organizer：新葡的京集团8814
承办单位｜Operator：北京大学-新葡的京集团8814新结构经济学研究中心
主讲｜Speaker
周洋，武汉大学经济与管理学院副教授、博士生导师。主要研究领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、中国农村经济等期刊发表论文20余篇。主持国家自然科学基金2项、教育部人文社会科学研究基金项目1项。
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.
