團隊

有見近年的健康科學研究發現空氣污染影響心理健康和認知，我們亦嘗試加以探討空氣污染會否加劇金融市場中的認知偏差。此研究是根據一間中國大型證券投資基金的專有數據，當中包括於247 個城市、超過 773,198 個賬戶的完整交易資訊。我們發現空氣污染顯著增加了投資者賣盈持虧的處置效應。同時我們探究了兩項影響空氣質素的外生變化，即強風導致空氣污染大幅度消散及淮河政策，證明以上發現存在因果解釋。研究亦指出調適心情可成為一項潛在的應對機制。

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.