题　目：Mortgage lenders’ diversity policies and mortgage lending to minorities.

嘉　宾：冯如韫 (Ivy Feng)，Assistant Professor, University of Wisconsin–Madison

主持人：李烁，助理教授，上海交通大学安泰经济与管理学院

时　间：2026年7月3日（周五）14:00-15:30

地　点：上海交通大学安泰经济与管理学院包兆龙图书馆A407

内容简介:

Credit access is central to homeownership, yet racial disparities in mortgage lending persist. While lender have increasingly adopted diversity policies, it is unknown whether and how such policies impact mortgage lending disparities. Using a robust difference-in-differences design, we find that diversity policies widen approval disparities, reducing origination rates for minority borrowers. Results from an instrumental variables approach and event-study design support a causal relation. Ex-post loan performance suggests the widened disparities cannot be fully explained by application risks. Mechanism analysis indicates that a stigma effect in approval decisions, triggered by an increase in risky minority applications, likely plays a role.

演讲人简介：

Ruyun (Ivy) Feng joined the Wisconsin School of Business in August 2020 as an Assistant Professor in the Department of Accounting and Information Systems. Professor Feng’s research interests include Disclosure, labor Markets, and household finance. Professor Feng earned a B.S. in Finance and Investment from Shanghai University of Finance and Economics, an M.S. in Quantitative and Computational Finance from the Georgia Institute of Technology, an M.S. in Accounting from Georgia State University, and a Ph.D. in Accounting from the Robert H. Smith School of Business at the University of Maryland.

欢迎广大师生参加！