This paper examines public school district budgetary responses to school accountability ratings. We identify school district budgetary changes through a “rating shock” due to a major change in school accountability systems in Texas. Texas implemented a new accountability system and new exam,...

We study early default, defined as serious delinquency or foreclosure in the first year, among nonprime mortgages from the 2001 to 2007 vintages. After documenting a dramatic rise in such defaults and discussing their correlates, we examine two primary explanations: changes in underwriting...