東華大學圖書館 |

語系: 繁體中文

說明(常見問題)

回圖書館首頁

手機版館藏查詢

登入

回首頁

切換: 標籤 | MARC模式 | ISBD

FindBook

Google Book

Amazon

博客來

Two Essays on Corporate Finance, Banking, and Political Economy.

紀錄類型:	書目-電子資源 : Monograph/item
正題名/作者:	Two Essays on Corporate Finance, Banking, and Political Economy./
作者:	Zhang, Song.
出版者:	Ann Arbor : ProQuest Dissertations & Theses, : 2022,
面頁冊數:	139 p.
附註:	Source: Dissertations Abstracts International, Volume: 83-10, Section: A.
Contained By:	Dissertations Abstracts International83-10A.
標題:	Finance. -
電子資源:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=29064680
ISBN:	9798209991953

Two Essays on Corporate Finance, Banking, and Political Economy.
Zhang, Song.

Two Essays on Corporate Finance, Banking, and Political Economy. - Ann Arbor : ProQuest Dissertations & Theses, 2022 - 139 p.

Source: Dissertations Abstracts International, Volume: 83-10, Section: A.

Thesis (Ph.D.)--Boston College, 2022.

This item must not be sold to any third party vendors.

The dissertation consists of two essays on corporate finance, banking, and political economy. The first chapter studies how partisan-driven views about climate change affect institutional investors' investment in assets that are exposed to climate risk. The second chapter examines how unexpected political chaos can affect politically active companies in a negative way. In "Climate Change, the Partisan Divide, and Exposure to Climate Risk", I study how partisan-driven beliefs about climate change affect the distribution of climate risk across mortgage lenders. Using wildfires to capture climate exposure, I find that Republican-leaning lenders are more likely to approve mortgage applications in high wildfire risk areas than Democratic-leaning lenders. This difference in approval rates is only evident among second-lien and jumbo mortgage applications, highlighting how securitization affects risk-taking incentives. Lastly, Republican-leaning lenders originate more climate-exposed second-lien and jumbo loans and thus hold more wildfire risk. The findings suggest that dispersion over climate change beliefs affects how institutional investors hold climate risks, potentially affecting financial stability.In "Downsides of Corporate Political Spending: Evidence from Mass Shootings", I study the negative impacts of corporate political spending on firm outcomes. Using data from 20 years of mass shootings, I find that when mass shootings take place, companies that primarily donate to pro-gun-rights politicians experience negative stock price reactions and worse operating performance. The negative impacts on companies' bottom line are stronger when incidents are deadlier. The decline in operating performance reverses within a couple of years. The findings are not driven by firms contributing to Republican politicians. Similarly, using Summary of Deposits data from FDIC, I find that banks primarily donating to pro-gun-rights politicians also experience higher deposit outflows around mass shootings. After incidents, firms significantly reduce corporate political donations to pro-gun-rights politicians. Overall, my findings highlight negative impacts on companies resulting from their political spending being disapproved by stakeholders. .

ISBN: 9798209991953Subjects--Topical Terms:

542899
Finance.
Subjects--Index Terms:

Banking

Two Essays on Corporate Finance, Banking, and Political Economy.
LDR:03299nmm a2200325 4500 001 2352373
005 20221128103636.5
008 241004s2022 ||||||||||||||||| ||eng d
020 $a 9798209991953
035 $a (MiAaPQ)AAI29064680
035 $a AAI29064680
040 $a MiAaPQ $c MiAaPQ
100 1 $a Zhang, Song. $3 1910932
245 1 0 $a Two Essays on Corporate Finance, Banking, and Political Economy.
260 1 $a Ann Arbor : $b ProQuest Dissertations & Theses, $c 2022
300 $a 139 p.
500 $a Source: Dissertations Abstracts International, Volume: 83-10, Section: A.
500 $a Advisor: Strahan, Philip E.
502 $a Thesis (Ph.D.)--Boston College, 2022.
506 $a This item must not be sold to any third party vendors.
520 $a The dissertation consists of two essays on corporate finance, banking, and political economy. The first chapter studies how partisan-driven views about climate change affect institutional investors' investment in assets that are exposed to climate risk. The second chapter examines how unexpected political chaos can affect politically active companies in a negative way. In "Climate Change, the Partisan Divide, and Exposure to Climate Risk", I study how partisan-driven beliefs about climate change affect the distribution of climate risk across mortgage lenders. Using wildfires to capture climate exposure, I find that Republican-leaning lenders are more likely to approve mortgage applications in high wildfire risk areas than Democratic-leaning lenders. This difference in approval rates is only evident among second-lien and jumbo mortgage applications, highlighting how securitization affects risk-taking incentives. Lastly, Republican-leaning lenders originate more climate-exposed second-lien and jumbo loans and thus hold more wildfire risk. The findings suggest that dispersion over climate change beliefs affects how institutional investors hold climate risks, potentially affecting financial stability.In "Downsides of Corporate Political Spending: Evidence from Mass Shootings", I study the negative impacts of corporate political spending on firm outcomes. Using data from 20 years of mass shootings, I find that when mass shootings take place, companies that primarily donate to pro-gun-rights politicians experience negative stock price reactions and worse operating performance. The negative impacts on companies' bottom line are stronger when incidents are deadlier. The decline in operating performance reverses within a couple of years. The findings are not driven by firms contributing to Republican politicians. Similarly, using Summary of Deposits data from FDIC, I find that banks primarily donating to pro-gun-rights politicians also experience higher deposit outflows around mass shootings. After incidents, firms significantly reduce corporate political donations to pro-gun-rights politicians. Overall, my findings highlight negative impacts on companies resulting from their political spending being disapproved by stakeholders. .
590 $a School code: 0016.
650 4 $a Finance. $3 542899
653 $a Banking
653 $a Political economy
653 $a Institutional investors
690 $a 0508
710 2 $a Boston College. $b CSOM - Finance. $3 3170280
773 0 $t Dissertations Abstracts International $g 83-10A.
790 $a 0016
791 $a Ph.D.
792 $a 2022
793 $a English
856 4 0 $u http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=29064680