讲座：The Color of Hedge Fund Activism
题 目：The Color of Hedge Fund Activism
嘉 宾：Yongqiang Chu, Professor, University of North Carolina at Charlotte
主持人：许文健 助理教授 上海交通大学安泰经济与管理学院
We examine the effect of hedge fund activism on mortgage lending. We find that banks targeted by hedge fund activism discriminate less against African American borrowers by (1) approving more mortgage applications from African Americans; and (2) charging lower interests on loans to African Americans. We show that the effect is not driven by changes in borrower risk or lender risk preferences. Furthermore, we find that target banks are more likely to set up new committees and are more likely to open new branches to address lending discrimination after being targeted by activism.
Yongqiang Chu is the Director of the Childress Klein Center for Real Estate and Childress Klein Distinguished Professor of Real Estate and Urban Economics and Professor of Finance at the UNC Charlotte Belk College of Business. Professor Chu conducts research in real estate, corporate finance, and banking. His research has appeared in many top finance, real estate, and economics journals, including Review of Financial Studies, Journal of Financial Economics, Management Science, Journal of Financial and Quantitative Analysis, Review of Economic Dynamics, and Real Estate Economics. Professor Chu obtained his bachelor’s degree from Peking University, his master’s degree from National University of Singapore, and his Ph.D. from the University of Wisconsin-Madison. Before joining UNC Charlotte, he was an associate professor at the University of South Carolina’s Darla Moore School of Business.