气候变化领域集成服务门户(CCPortal): Air pollutions and loan decision bias

CCPortal

DOI	10.1016/j.gloenvcha.2021.102420
	Air pollutions and loan decision bias
	Chen Z.; Jin M.; Chen F.
发表日期	2022
ISSN	0959-3780
卷号	72
英文摘要	Studies have largely discussed the impact of air pollution on the stock market. However, the latter requires certain financial knowledge and certain income, which may lead to sample selection bias. To address this concern, using unique data from online peer-to-peer lending platform, namely, RenRenDai, this paper analyzes the effects of air pollution on loan decisions in China. In the identification strategy, we use approximate exogenous and random daily level air pollution to alleviate the endogenous problem. In a preferred specification, results show that air pollution has significant positive effects on loan amounts with elasticity of 0.013. Such result is driven by health expenditure and behavioral bias. Specifically, after air pollution rises for two or three days, individuals will then increase loan amounts for health and consumption. However, air pollution has no proof of increasing investment. Our study provides new evidence on the effects of air pollution on cognitive performance, particularly on financial behavior. It then reveals the mechanism how air pollution influences loan decisions. In view of the negative impact of air pollution, we also need to know the risks it poses to the financial industry. © 2021 Elsevier Ltd
关键词	Air pollution Avoidance behavior Behavioral bias Loan decisions
语种	英语
scopus关键词	atmospheric pollution; cognition; health expenditure; health risk; risk factor; spatiotemporal analysis; China
来源期刊	Global Environmental Change
文献类型	期刊论文
条目标识符	http://gcip.llas.ac.cn/handle/2XKMVOVA/249542
作者单位	School of Economics, Jinan University, Guangzhou, 510632, China; School of Government, Peking University, Beijing, 100871, China
推荐引用方式 GB/T 7714	Chen Z.,Jin M.,Chen F.. Air pollutions and loan decision bias[J],2022,72.
APA	Chen Z.,Jin M.,&Chen F..(2022).Air pollutions and loan decision bias.Global Environmental Change,72.
MLA	Chen Z.,et al."Air pollutions and loan decision bias".Global Environmental Change 72(2022).