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Florida (Un)Chained
Calomiris, Charles W.; Jaremski, Matthew S. - National Bureau of Economic Research - 2023
To understand a price boom, it is helpful to take account of: (1) observable indicators of changes in ex ante risk tolerance, (2) what information exists and when, and (3) the incentives lenders face. This paper takes such an approach to the Florida land boom of the mid-1920s, the U.S.' first...
Persistent link: https://www.econbiz.de/10014226111
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The relative informational efficiency of corporate retail bonds : evidence from the London Stock Exchange
Tolikas, Konstantinos - In: International review of financial analysis 46 (2016), pp. 191-201
Persistent link: https://www.econbiz.de/10011581803
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Subprime mortgage market : rise, fall, and lessons for Korea
Cho, Man (contributor) - 2008
The current study aims to provide an anatomy of the rise and fall of the subprime mortgage market in the US, by surveying the key economic and institutional determinants that have boosted the growth of the market since 2003 and those that have contributed to the abrupt decline since Summer 2007....
Persistent link: https://www.econbiz.de/10003749373
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OTC discount
Roure, Calebe de; Mönch, Emanuel; Pelizzon, Loriana; … - 2020
We document a sizable OTC discount in the interdealer market for German sovereign bonds where exchange and over-the-counter trading coexist: the vast majority of OTC prices are favorable with respect to exchange quotes. This is a challenge for theories of OTC markets centered around search...
Persistent link: https://www.econbiz.de/10012387914
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The Value of Ratings : Evidence from their Introduction in Securities Markets
Bernstein, Asaf; Frydman, Carola; Hilt, Eric - National Bureau of Economic Research - 2023
We study the effects of the first-ever ratings for corporate securities. In 1909, John Moody published a book that partitioned the majority of listed railroad bonds into letter-graded ratings based on his assessments of their credit risk. These ratings had no regulatory implications and were...
Persistent link: https://www.econbiz.de/10014247986
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The role of neighborhood characteristics in mortgage default risk: Evidence from New York City
Chan, Sewin; Gedal, Michael; Been, Vicki; Haughwout, Andrew - In: Journal of Housing Economics 22 (2013) 2, pp. 100-118
characteristics are important predictors of default behavior, even after controlling for an extensive set of controls for loan and … borrower characteristics. First, default rates increase with the rate of foreclosure notices and the number of lender …-owned properties (REOs) in the tract. Second, default rates on home purchase mortgages are higher in census tracts with larger shares …
Persistent link: https://www.econbiz.de/10010875230
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Chapter 15. How Mortgage Finance Affects the Urban Landscape
Chan, Sewin; Haughwout, Andrew; Tracy, Joseph - In: Handbook of regional and urban economics : volume 5, (pp. 987-1045). 2015
of negative equity has been unprecedented in the past decade, and we discuss its impact on strategic default, housing …
Persistent link: https://www.econbiz.de/10014025300
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Determinants of the incidence of U.S. Mortgage Loan Modifications
Been, Vicki; Weselcouch, Mary; Voicu, Ioan; Murff, Scott - In: Journal of Banking & Finance 37 (2013) 10, pp. 3951-3973
This paper combines data on the performance of mortgage loans with detailed borrower, neighborhood, and property characteristics to examine the factors that determine the outcomes of seriously delinquent loans. We employ multinomial logit models in a hazard framework to explain how loan,...
Persistent link: https://www.econbiz.de/10010738287
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Adverse selection in mortgage securitization
Agarwal, Sumit; Chang, Yan; Yavas, Abdullah - In: Journal of Financial Economics 105 (2012) 3, pp. 640-660
market, banks generally sold low-default-risk loans into the secondary market while retaining higher-default-risk loans in …. Securitization strategy of lenders changed dramatically in 2007 as the crisis set in with most unwilling to retain higher-default …
Persistent link: https://www.econbiz.de/10010617595
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Subprime mortgages and the housing bubble
Brueckner, Jan K.; Calem, Paul S.; Nakamura, Leonard I. - In: Journal of Urban Economics 71 (2012) 2, pp. 230-243
expectations easing the default concerns of lenders and thus increasing their willingness to extend loans to risky borrowers. Since …
Persistent link: https://www.econbiz.de/10010574527