Banks face a dilemma in choosing between maximising profits and facilitating the sustainable use of resources within a carbon-constrained future. This study provides empirical evidence on this dilemma, investigating whether a bank loan announcement for a firm with high carbon risk conveys information to investors about the firm’s carbon risk exposure collected through a bank’s pre-loan screening and ongoing monitoring. We use a sample of 120 bank loan announcements for ASX-listed firms over the period 2009–2015. We measure high carbon risk (...) exposure based on whether firms meet the reporting threshold of the NGER scheme. We document positive and significant excess loan announcement returns for loan renewals for high carbon risk firms, but not for loan initiations. Further, we document a more significant loan announcement return for renewals with favourable term revisions. Finally, we find no evidence that the market differentiates between domestic and foreign lenders. Taken together, our results suggest that investors perceive that banks incorporate carbon risk considerations into their lending decisions. Our results highlight the value of banks as financial intermediaries given the information asymmetry surrounding firms’ carbon risk exposure, and more generally the need to extend modern banking theory to consider issues such as the impact of banks’ CSR reputation on lending decisions. (shrink)

China's Philosophical Studies: Rediscovery of Chinese Spiritual Essence collects essential research findings of China's philosophical studies conducted by the academics at East China Normal University (ECNU) in recent years. The book covers topics including thoughts in China's Spring and Autumn Period, Chinese virtue of trust, establishing morals, historical studies of Chinese philosophy, etc. This book is the fifth volume of the WSPC-ECNU Series on China. This Series showcases the significant contributions to scholarship in social sciences and humanities studies about China. (...) It is jointly launched by World Scientific Publishing, the most reputable English academic publisher in Asia, and ECNU, a top University in China with a long history of exchanges with the international academic community. (shrink)

New Waves of China's Philosophical Studies collects important research findings of China's philosophical studies conducted by the academics at East China Normal University (ECNU) in recent years. The book covers topics including Confucian ethics and virtue ethics, true value semantics vs. commonsensible reasoning semantics, criticisms of dogmatism, consequentialism, among others. This book is the first volume of the WSPC-ECNU Series on China. This Series showcases the significant contributions to scholarship in social sciences and humanities studies about China. It is jointly (...) launched by World Scientific Publishing, the most reputable English academic publisher in Asia, and ECNU, a top University in China with a long history of exchanges with the international academic community. (shrink)

Although the traditional society in China was not necessarily a society of equality, and the classical Confucianism did not speak much about the principle of universal equality, in modern times, in the midst of a transformation of value systems, people still find correlating sources within the Confucian tradition that is connected to the modern idea of equality. This essay makes a detailed study on this correlation and points out that ancient Chinese society and the western feudal society are different in (...) terms of social systems and education systems. For example, China has the imperial examination but no patrimonial aristocracy. Confucianism opposed the huge gap between the poor and the rich, and this idea has become a modern tradition in the ideal of great harmony under the sky, especially in Kang Youwei’s 康有为 Datong Shu 大同书 (Book of Great Harmony). There were also some elements of agricultural socialism and equalitarianism in traditional Confucianism. The potential idea of equality (or reciprocity) in friendship, embodied in the principle of Confucian ethics of the Three Bonds and the Five Relations, is explored and explained in a modern way. The theory that the sages are equal with the masses, which originated from the theory of human being’s intrinsic goodness, may be directly connected with modern principle of equality. The modern transformation of equality is both political and ethical. The former is to struggle for individual rights; the latter is to establish moral subjectivity. Therefore, equality between sages and the masses manifests modernity. Like the epistemic subjectivity, which could not be discussed without referring to group-individual relationship, the moral subjectivity also contains a consciousness of equality. (shrink)

本辑主要从现代性视角出发, 深入探讨从西方传入的各种思潮与观念-进化论, 激进主义, 无政府主义, 平等, 自由, 科学-在中国的传播, 及中国的传统文化如何影响了国人对这些观念的理解.