有见近年的健康科学研究发现空气污染影响心理健康和认知，我们亦尝试加以探讨空气污染会否加剧金融市场中的认知偏差。此研究是根据一间中国大型证券投资基金的专有数据，当中包括于247 个城市、超过 773,198 个账户的完整交易资讯。我们发现空气污染显著增加了投资者卖盈持亏的处置效应。同时我们探究了两项影响空气质素的外生变化，即强风导致空气污染大幅度消散及淮河政策，证明以上发现存在因果解释。研究亦指出调适心情可成为一项潜在的应对机制。
- Ph.D., National University of Singapore
- B.S., University of Science and Technology of China
Dr. Zhang joined The University of Hong Kong (HKU) as an assistant professor at the HKU Business School in 2020. Prior to that, he was an assistant professor of finance at Hong Kong Baptist University.
His areas of interest include Household Finance, Behavioral Finance, Financial Institutions, and Corporate Finance. His research has been published in major economics and finance journals, including Journal of Financial Economics, Review of Economics and Statistics, Management Science, Journal of Financial and Quantitative Analysis, Review of Finance and Journal of Financial Intermediation.
- “Investing in Low-Trust Countries: On the Role of Social Trust in the Global Mutual Fund Industry” (with M. Massa, C. Wang and H. Zhang), Journal of Financial and Quantitative Analysis, 57(1), 2022, 240-290.
- “Interest Rate Pass-Through and Consumption Response: The Deposit Channel” (with S. Agarwal, S. Chomsisengphet, and Y. Yildirim), Review of Economics and Statistics, 103(5), 2021, 922-938.
- “Air Pollution, Behavioral Bias, and the Disposition Effect in China” (with J. Li, M. Massa and H. Zhang), Journal of Financial Economics, 142(2), 2021, 641-673.
- “Good Days, Bad Days: Stock Market Fluctuation and Taxi Tipping Decisions” (with W. Tan), Management Science, 67(6), 2021, 3965-3984.
- “Disguised Corruption: Evidence from Consumer Credit in China” (with S. Agarwal, W. Qian and A. Seru), Journal of Financial Economics, 137(2), 2020, 430-450.
- “Gender Gap in Personal Bankruptcy Risks: Empirical Evidence from Singapore” (with S. Agarwal, J. He and T. Sing), Review of Finance, 22(2), 2018, 813-847.
- “Gender Difference and Intra-Household Economic Power in Mortgage Signing Order” (with S. Agarwal, R. Green, E. Rosenblatt, and V. Yao), Journal of Financial Intermediation, 36, 2018, 86-100.
Using a comprehensive sample of credit card data from a leading Chinese bank, we show that government bureaucrats receive 16% higher credit lines than non-bureaucrats with similar income and demographics, but their accounts experience a significantly higher likelihood of delinquency and debt forgiveness. Regions associated with greater credit provision to bureaucrats open more branches and receive more deposits from the local government. After staggered corruption crackdowns of provincial-level political officials, the new credit cards originated to bureaucrats in exposed regions do not enjoy a credit line premium, and bureaucrats’ delinquency and reinstatement rates are similar to those of non-bureaucrats.