Nonlocal mortgage lenders with greater exposure to high-growth housing markets accept fewer loan applications in these markets and experience greater stock return volatility. When these lenders expand to high-growth markets, they also ration credit to a significantly greater degree than when...

The major earthquake and tsunami visited on northeastern Japan on 11 March 2011 brought huge damage to people and the housing stock. In this paper, we examine the impact that this natural disaster had on Japan's housing market in 2011, and show that there was only a minimal impact on the core...