Date: 20 November 2025 (Thursday)
Time: 13:00 to 14:00 pm
Venue: E22 – Lobby
Moderator: Prof. Leona LI, Assistant Professor of Business Economics and Prof. Shen ZHAO, Associate Professor of Finance
Presentation 1: The Impact of Air Pollution on the Government Efficiency
Abstract: Government efficiency is a key indicator of public sector management capacity and service quality, directly influencing policy implementation and public satisfaction. However, existing research has not sufficiently explored the factors affecting government efficiency or the pathways for its optimization. From the perspective of the interaction between environmental governance and administrative performance, this study employs data from the People’s Daily Online Leaders’ Message Board and utilizes natural language processing techniques to empirically examine the impact of air pollution on government efficiency as well as the potential transmission mechanism. The results reveal that, first, air pollution has a significant negative impact on government efficiency, with a 100% increase in the air pollution index leading to an extension of 3.769 working days in government response time. Second, air pollution exacerbates negative sentiment in public messages, which in turn further reduces government response efficiency. These findings contribute to the theoretical framework on the determinants of government efficiency and provide empirical evidence and policy insights for improving governance performance.
Speaker: Ms. Yi WANG is a third-year PhD student in Department of Finance and Business Economics. Her research focuses on environmental economics and climate economics.
Presentation 2: United States Financial Sanctions and the Surge of Chinese Lending
Abstract: This paper argues that U.S. financial sanctions between 1990 and 2023 facilitated a surge in Chinese lending in the global syndicated loan market. Using detailed firm- and deal-level data, we find that U.S. financial sanctions led to a reduction in the supply of U.S. and G7-origin syndicated loans to firms in sanctioned countries that was partially offset with a greater supply of Chinese-origin syndicated loans. Borrowers in sanctioned countries that turned to Chinese lenders became less transparent, as measured by a reduction in disclosures and increased delistings or mergers. Compared to U.S.-origin contracts, Chinese-origin loans featured shorter maturities, more covenants, and higher refinancing rates, granting lenders stronger control rights. These contractual differences were associated with lower firm-level productivity and slower sales growth.
Speaker: Ms. Yichen SUN is a third-year PhD student in Department of Finance and Business Economics. Her research includes international finance, Chinese economy and banking.
All are welcome!
