Sunshine and bank lending

被引：0
|
作者：
Li, Donghui [1 ]
Qi, Xuanchang [2 ]
Sun, Jian [2 ]
Yuan, Chun [2 ]
Zhu, Liyi [2 ]
机构：
[1] Shenzhen Univ, Coll Econ, Shenzhen, Guangdong, Peoples R China
[2] Cent Univ Finance & Econ, Sch Accountancy & Chinas Management Accounting Res, 39 South Xueyuan Rd, Beijing 100080, Peoples R China
来源：
INTERNATIONAL REVIEW OF FINANCIAL ANALYSIS | 2024年 / 96卷
基金：
中国国家自然科学基金;
关键词：
Sunshine; Mood; Risk aversion; Bank loan pricing; INSTITUTIONAL INVESTORS; WEATHER CONDITIONS; MOOD; JUDGMENT; COMPETITION; OWNERSHIP; BENEFITS; BEHAVIOR; BELIEFS; STATE;
D O I：
10.1016/j.irfa.2024.103678
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
This study uses a unique proprietary loan-level dataset from a state-owned Chinese commercial bank to examine how sunshine-induced emotions influence loan pricing decisions made by high-level loan officers who would be punished for loan defaults. Our findings reveal that an increased intensity of sunshine at loan officers' workplace can increase loan pricing for borrowers. The result can be explained by the mood channel: sunshine induces a positive mood among loan officers leading to greater risk aversion in their loan pricing decisions, known as the mood maintenance effect. This effect is magnified for firms with high risk, high bank-firm information asymmetry, and in locations characterized by less bank competition. Our main results are still valid after taking into account various robustness issues and endogeneity concerns.
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页数：15
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