We provide a new framework for using text as data in empirical models. The framework identifies salient information in unstructured text that can control for multidimensional heterogeneity among assets. We demonstrate the efficacy of the framework by re-examining principal-agent problems in...

Principal-agent problems are common in industries, such as real estate, that employ agents. Social capital theory explains how an agent's incentive to maximize revenue working with other agents on multiple transactions may be a disincentive when negotiating to capture a price surplus in...

This paper provides new evidence of agency conflicts in securitization by documenting adverse selection in Ginnie Mae issuers' early buyout activity. Conditioning on delinquency, we find issuers buy out less risky loans with higher current interest rate spreads. We illustrate how issuers exploit...