This paper estimates the effect of increased shale gas drilling on mortgage defaults in Pennsylvania. Utilizing the underlying geologic properties of the land as instrumental variables and the sudden viability of shale gas mining arising from technological innovations in hydraulic fracturing in...

This paper finds that increased hydraulic fracturing, or "fracking", along the Marcellus Formation in Pennsylvania had a significant, negative effect on mortgage credit risk. Controlling for potential endogeneity bias by utilizing the underlying geologic properties of the land as instrumental...

This paper tests the effectiveness of vacant property registration ordinances (VPROs) in reducing negative externalities from foreclosures. VPROs were widely adopted by local governments across the United States during the foreclosure crisis and facilitated the monitoring and enforcement of...

This paper ?nds that increased hydraulic fracturing, or \"fracking,\" along the Marcellus Formation in Pennsylvania had a signi?cant, negative effect on mortgage credit risk. Controlling for potential endogeneity bias by utilizing the underlying geologic properties of the land as instrumental...

We introduce a novel application of machine learning to compare the Pooling and Servicing Agreements (PSA) that govern asset-backed securities. The PSA is often viewed as mostly boilerplate legal text and thus may appear similar across deals despite heterogeneity in the underlying collateral and...

Experiences reveal that the monitoring costs of the foreclosure crisis may be nontrivial, and smaller governments may have more success at addressing potential negative externalities. One highly localized form of government is a homeowners association (HOA). HOAs could be well-suited for...