Using a unique dataset that merges bankruptcy and motor events with personal data in Singapore, this study finds significant evidence of gender gap in personal bankruptcy risk. We show that the women' odds in bankruptcy events is 28% of the men's odds controlling for demographic, housing types...

The recent financial crisis has led to calls for a better understanding of the reasons behind the increase in mortgage defaults and the foreclosures that followed. Previous studies using option-based mortgage default models predicted that borrowers should immediately exercise the default option...

Singapore has one of the strictest debt relief systems worldwide. We merge a large dataset on the residences of adult Singaporean citizens with a bankruptcy dataset to investigate the effect of parental bankruptcy on children’s financial behavior in adulthood. Children whose parents declared...

Personal bankruptcy is a widely used debt relief policy. We merge a large dataset on the demographic information and the residences of adult Singaporean citizens with a bankruptcy dataset to investigate the effect of parental bankruptcy on children’s financial behavior in adulthood. Children...

Mortgage underwriting process that sorts heterogeneous borrowers into different risk groups according to observable characteristics of borrowers does not reveal sufficient information to segregate pooling risks in mortgages. Do borrowers always choose rationally mortgage contracts that minimize...

This study releases assumptions on previous borrowers' mortgage choice under information asymmetric: exogenously known default risk and lenders' zero profit. Through maximizing borrowers' life-time utilities in housing and non-housing consumption, simulation results show that borrowers'...