Walking the Walk? Bank ESG and Home Mortgage Lending


Date & Time:April 7,2021  10:00- 11:30am

Venue:SEM 320 Meeting Room

Speaker:Xiaoyu Zhu(Lingnan College, Sun Yat-sen University


Banks with high ESG ratings issue fewer mortgages in poor neighborhoods—in quantity and dollar amount—than banks with low ESG ratings. This lending disparity is observed at both the county and census tract level, and is amplified in disaster areas of hurricane strikes. Additional tests indicate no difference in mortgage default rates between high- and low-ESG banks, rejecting an alternative explanation based on differential credit screening quality. The evidence supports a social wash effect, in which banks deploy prosocial rhetoric and symbolic actions despite not lending much in disadvantaged communities, the very social function they ought to perform. The Community Reinvestment Act (CRA) enforcement only partially undoes the social wash effect.

Speaker Biography:   

朱效禹从博士期间开始,一直从事公司金融、企业社会责任方面的研究。申请人博士论文包含三篇探讨企业融资杠杆、现金持有和企业管理的章节,获得了博士审理团的一直好评通过,并在纽约城市大学-巴鲁克商学院获得博士毕业论文最高奖励(Oscar Lasdon Memorial Award for the best doctoral dissertation in the field of finance or investment, Baruch College, City University of New York)。企业社会责任方面,目前完成企业社会责任方面工作论文两篇,并参与了多次国际会议的研讨。论文参加的会议包括2020年美国经济学年会(2020 ASSA/AEA Society of Government Economists annual meeting);2021年美国东部金融年会(2021 Eastern Finance Association);2020年夏威夷会计学研究年会(2020 Hawaii Accounting Research Conference);2020中国金融学年会;2019 亚洲金融管理年会(2019 FMA Asia);2019金融、会计、管理研究年会(The 2019 Conference on the Convergence of Financial and Managerial Accounting Research