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Securitization and moral hazard : evidence from a lender cutoff rule
Bubb, Ryan; Kaufman, Alex - 2009
perapplicant fixed costs in screening. We then demonstrate that our theory fits the data better than the main alternative theory … already in the literature, which supposes cutoff rules are exogenously used by securitizers. Furthermore, we use our theory to …
Persistent link: https://www.econbiz.de/10003941871
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Financial constraints and moral hazard : the case of franchising
Fan, Ying; Kühn, Kai-Uwe; Lafontaine, Francine - 2013
Financial constraints are an important impediment to the growth of small businesses. We study theoretically and empirically how the financial constraints of agents affect their decisions to exert effort, and, hence the organizational decisions and growth of principals, in the context of...
Persistent link: https://www.econbiz.de/10010202908
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Student loans and repayment : theory, evidence and policy
Lochner, Lance; Monge-Naranjo, Alexander - 2014
Rising costs of and returns to college have led to sizeable increases in the demand for student loans in many countries. In the U.S., student loan default rates have also risen for recent cohorts as labor market uncertainty and debt levels have increased. We discuss these trends as well as...
Persistent link: https://www.econbiz.de/10010457242
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Securitization and moral hazard : evidence from credit score cutoff rules
Bubb, Ryan; Kaufman, Alex - 2011 - This version: August 30, 2011
research has hypothesized that these cutoff rules result from a securitization rule of thumb. Under this theory, an observed … model that rationalizes such an origination rule of thumb. Under this alternative theory, jumps in default are not evidence … securitization rule-of-thumb theory but consistent with the origination rule-of-thumb theory. There are jumps in the number of loans …
Persistent link: https://www.econbiz.de/10009298472
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Financial constraints and moral hazard : the case of franchising
Fan, Ying; Kühn, Kai-Uwe; Lafontaine, Francine - 2013
Financial constraints are an important impediment to the growth of small businesses. We study theoretically and empirically how the financial constraints of agents affect their decisions to exert effort, and, hence the organizational decisions and growth of principals, in the context of...
Persistent link: https://www.econbiz.de/10010210716
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Securitization and moral hazard: Evidence from credit score cutoff rules
Bubb, Ryan; Kaufman, Alex - 2011
research has hypothesized that these cutoff rules result from a securitization rule of thumb. Under this theory, an observed … model that rationalizes such an origination rule of thumb. Under this alternative theory, jumps in default are not evidence … securitization rule-of-thumb theory but consistent with the origination rule-of-thumb theory. There are jumps in the number of loans …
Persistent link: https://www.econbiz.de/10010286944
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Redistribution with performance pay
Doligalski, Pawel; Ndiaye, Abdoulaye; Werquin, Nicolas - 2020
Half of the jobs in the U.S. feature pay-for-performance. We study nonlinear income taxation in a model where such contracts arise in private labor markets that are constrained by moral hazard frictions. We derive novel formulas for the incidence of arbitrarily nonlinear reforms of a given tax...
Persistent link: https://www.econbiz.de/10012212848
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Employment cyclicality and firm quality
Kahn, Lisa B.; McEntarfer, Erika - 2014
Who fares worse in an economic downturn, low- or high-paying firms? Different answers to this question imply very different consequences for the costs of recessions. Using U.S. employer-employee data, we find that employment growth at low-paying firms is less cyclically sensitive. High-paying...
Persistent link: https://www.econbiz.de/10010436157
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Redistribution with Performance Pay
Doligalski, Pawel; Ndiaye, Abdoulaye; Werquin, Nicolas - 2022
Half of the jobs in the U.S. feature pay-for-performance. We derive novel incidence and optimum formulas for the overall rate of tax progressivity and the top tax rates on total earnings and bonuses, when such labor contracts arise from moral hazard frictions within firms. Optimal taxes account...
Persistent link: https://www.econbiz.de/10013291022
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Securitization and moral hazard: Evidence from a lender cutoff rule
Bubb, Ryan; Kaufman, Alex - 2009
perapplicant fixed costs in screening. We then demonstrate that our theory fits the data better than the main alternative theory … already in the literature, which supposes cutoff rules are exogenously used by securitizers. Furthermore, we use our theory to …
Persistent link: https://www.econbiz.de/10010286943