Economically intuitive macroeconomic factors and borrower characteristics predict peer-to-peer loan defaults beyond what proprietary algorithms predict. Using county-level unemployment data, we find that loans originated in high unemployment areas are more likely to default. In addition, we...

This paper examines the relation between the number and type of lenders that participate in corporate loan facilities and the nature of troubled debt restructurings. We find that loans from traditional bank lenders are significantly easier to restructure out of court than loans from...

This paper examines how differences in state foreclosure laws influence the incidence of default in the residential mortgage market. Specifically, we examine how judicial review requirements, lenders' recourse rights (deficiency judgments), and state assistance programs for distressed borrowers...