estimates of their creditworthiness. This contrasts sharply with mortgage markets where lenders specialize in specific risk … categories of borrowers and mortgage supply is stepwise linear. The contrast between continuous lending for personal loans and … discrete lending by specialized lenders for mortgage credit has led to concerns regarding the efficiency and equity of mortgage …

nonprime and prime loan default and prepayment behavior. Nonprime loans are identified by mortgage interest rates that are … to call the mortgage or refinance is in the money and this effect is magnified for mortgages with low credit scores …

This paper examines the nature of mortgage credit rationing across geographic markets and time. Particular attention is … paid to the response of conventional mortgage supply to higher risk conditions associated with regional recessions. We … applications, as well as FHA and conventional rejection rates. Results of these four tests indicate that conventional mortgage …

the Spanish bankruptcy system relative to that of an alternative insolvency institution, the mortgage system, and the …

alternative insolvency institution, namely the mortgage system, mean that firms and their creditors mainly deal with credit … provision and eventual insolvency through the latter. However, in order to use the mortgage system, some firms must overinvest … in capital assets (real estate, equipment) since those are the assets that can be pledged as mortgage collateral. This …

than the main alternative procedure, the mortgage foreclosure ; (ii) personal bankruptcy law is unattractive to the …

, can gain little. Third, hedging exchange risk generally allows the U.S., but not Japanese, investors to benefit more from … international diversification. For U.S. investors, the international bond diversification with exchange risk hedging offers a … superior risk-return trade-off than the international stock diversification, with or without hedging. …

motivates the examination of the price risk managementcapabilities of the CBOT’s ethanol futures contract.Standard hedging … two- to eight-week hedging horizons, theethanol futures contract effectively hedges ethanol inventory price risk. The … effectiveness of thehedge increases with the hedging horizon. Thus, ethanol producers and brokers can use theethanol futures market …

This study focuses on hedging effectiveness defined as the proportionate price risk reduction created by hedging. By … overstate the amount of price risk reduction that can be achieved by hedging, (b) the properly computed hedging effectiveness in … the hedge ratio regression will also generally overstate the amount of risk reduction that can be achieved by hedging, (c …