金融高端论坛 第一百零四期

主 题：The Political Economy of Mortgage Lending

主讲人: Yongqiang Chu

时 间：2019-07-08 14:00

地 点：明德主楼801室

We examine whether banks use mortgage lending as a tool for political influence seeking. We find that the approval rates of mortgage applications from the home states of the Senate Banking Committee chairs are higher than other states, which amounts to about $37-$38 million dollars of extra mortgage credit extended to the home state of the Senate Banking Committee Chair. We use the geographic regression discontinuity design by comparing the census tracts close to the state borders to ensure that the results are not driven by demand-side factors. We also find that the effect is more pronounced when the incumbent banking chair is up for re-election. We do not find a similar effect for other powerful committee chairs. We also do not find the effect for non-bank lenders.

Professor Chu is Childress Klein Distinguished Professor of Real Estate and Urban Economics and Professor of Finance, Director of the MSRE Program, Belk College of Business, University of North Carolina at Charlotte. His research interests are concentrated in Corporate Finance, Real Estate, and Banking. He has published at the journals including Management Science，Journal of Financial Economics，Review of Financial Studies，Journal of Financial and Quantitative Analysis，Journal of Financial Intermediation，Journal of Corporate Finance，Quarterly Journal of Finance，Journal of Real Estate Finance and Economics.