| 主讲人 |
Jiekun Huang |
简介 |
<p>We examine whether pandemic-induced anti-Asian animus generated non-fundamental pricing disparities in the U.S. mortgage market. In a difference-in-differences design, Asian borrowers experienced a 2.0-basis-point relative increase in rate spreads after the outbreak, while Chinese borrowers—the primary targets of stigmatization—faced a much larger increase of 11.3 basis points. For the broader Asian group, the disparity was confined to the markets most exposed to the pandemic and was accompanied by higher delinquency, consistent with rational pricing of fundamental credit risk or accurate statistical discrimination. The Chinese disparity, by contrast, was invariant to local pandemic exposure, was not accompanied by higher realized delinquency, and was amplified by lender market power and discretion, consistent with taste-based or inaccurate statistical discrimination. About one-third of it is a within-lender-month markup; the remaining two-thirds reflects a shift toward higher-rate lender-months, as the low-rate lenders that had served them before the outbreak became less accessible.</p> |
| 主讲人简介 |
<p>Jiekun Huang is the Richard S. Williams Professor of Finance at Gies College of Business, University of Illinois Urbana-Champaign, where he has served on the faculty since 2013. He previously taught at the National University of Singapore. His research lies at the intersection of corporate finance, investments, and political economy, examining how economic agents shape the informational role of financial markets and corporate decision-making. His work has been published in leading journals, including the<em> Journal of Financial Economics, the Review of Financial Studies, Management Science</em>, and the <em>Journal of Financial and Quantitative Analysis</em>, and has been featured in media outlets such as The Economist, The Wall Street Journal, the Financial Times, NPR, CNBC, and the BBC.</p>
<p>He serves as an associate editor of the <em>Journal of Financial and Quantitative Analysis</em> and the <em>Journal of Banking and Finance</em>. He has taught courses in corporate finance and investments to undergraduate and graduate students and has been repeatedly recognized for teaching excellence. He holds bachelor’s and master’s degrees from Xiamen University and a Ph.D. in finance from Boston College.</p> |
期数 |
厦门大学人文社会科学至善大讲堂第198讲暨金融名家论坛2025-2026学年春季学期第5讲（总第93讲） |
