财务学系师资&研究生学术论坛之五十

演讲题目：Climate Change Risk and the Costs of Mortgage Credit

报告人：戚树森 副教授

时 间： 2021年03月31日（周三）15:00-16:30

地 点：嘉庚二205

主持人：吴育辉 教授

参加者：对会计、财务研究有兴趣的师生

摘要： We show that lenders charge higher interest rates for mortgages on properties exposed to a greater risk of Sea Level Rise (SLR). This SLR premium is not evident in short-term loans and is not related to borrowers’ short-term realized default or creditworthiness. Further, the SLR premium is smaller when the consequences of climate change are less salient and in neighborhoods with more climate change deniers. Overall, our results suggest that mortgage lenders view the risk of SLR as a long-term risk, and that lack of attention and beliefs are potential barriers that inhibit the pricing of climate-related risk in residential mortgage markets.