This paper examines how interstate banking deregulation affects mortgage lending to minorities. I find that the mortgage approval rates for African Americans, compared with other borrowers, decrease after interstate banking deregulation. I also find that the effect is only present in...

This paper examines how the stock market affects discrimination in mortgage lending. Comparing banks that went public through initial public offering or acquisition with similar banks that failed to go public, we find that mortgage denial rates and interest rates for minority applicants decrease...

I study how the threat of shareholder litigation affects the cost of bank loans using a natural experiment based on a ruling by the Ninth Circuit Court of Appeals. Using a difference-in-differences method, I find that increasing the difficulty of securities class action suits decreases loan...

Share (percentage rent) lease contracts have not been explained in the case of stand-alone property. To do so we develop a model of a local trade area with an incumbent retail tenant that makes non-contractable specific investment at the time of initial contracting and a monopolist landlord that...

I study the effect of short selling on product market performance using exogenous variations in short selling threats generated by the pilot program of Regulation SHO. I find that the decrease in short selling costs of firms in the pilot program has a positive and causal effect on firms' product...

This paper tests Jensen (1986)'s free cash flow hypothesis using data on real estate transactions. We find that firms with either higher free cash flow or higher cash reserve pay more for real estate, which is consistent with the free cash flow hypothesis. We also find that the agency costs of...

We examine how the cost of issuing equity affects bank lending. Using the SEC deregulation that allowed exchange listed firms with public float less than $75 million to raise equity via shelf registrations as a quasi-natural experiment, we show that the affected banks increase mortgage lending...

Does good news cover bad news? We show evidence from the Chinese stock market in which the fiscal year of a firm is always the same as the calendar year. Listed firms are required to announce their annual reports by the end of April, the same date of the deadline for announcements of first...

This paper develops a dynamic general equilibrium model to study house prices over the 1995-2005 period. I find that changes in the household income process and down payment requirements combined can account for the increase in house prices and price-rent ratios. The increase in real household...

Examining how monetary policy affects bank concentration, we find that when the policy rate rises, banks operating in more competitive markets are more likely to be acquired or fail. The effect is more pronounced among banks with less market power, causing the banking sector to be dominated by...