【财务与会计系邀请】
时间：2025年11月27日14:00
地点：经管楼312室
主讲人：牛耕 教授 西南财经大学
题目：Climate risk, collateral constraints, and entrepreneurship
摘要：Using very granular variations in Sea level rise (SLR) exposure and disaggregated geographic information on households, we find that households exposed to larger climate risk 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.
个人简介：牛耕，西南财经大学经济与管理研究院教授、博士生导师、金融风险管理师（FRM）、四川省“天府青城计划”青年拔尖人才，中国数量经济学会理事，欧美同学会（总会）北欧分会理事。博士毕业于荷兰蒂尔堡大学。研究领域为家庭金融、金融市场、公司金融等。在《世界经济》、《管理科学学报》、《中国农村经济》、《数量经济技术经济研究》、《财贸经济》、Journal of International Business Studies, Journal of Banking & Finance, Journal of Business Ethics, Journal of Economic Behavior & Organization和Journal of Business Finance & Accounting 等中英文一流期刊发表论文30余篇，主持国家自然科学基金面上和青年项目，曾获四川省第十七次社会科学优秀成果奖二等奖等荣誉，指导的博士论文获当代经济学基金会2022年度“当代经济学博士创新项目”奖励。