This paper analyzes mortgage lenders' strategy in pricing loans intended for sale to prime market. Using the Single-Family Loan-Level Data set obtained from Freddie Mac, we find evidence that lenders adjust their pricing behavior according to the changing lending environment. In particular,...

This paper studies the responses among different types of mortgage brokers to occupational licensing regulations. By explicitly accounting for heterogeneities between sole and corporate brokers, we find evidence that sole brokers respond to financial regulatory oversight by applying a more...

Using a representative sample of credit card holders from a Chinese commercial bank with a 10% credit card market share, we investigate how consumers respond to an unexpected interest rate decrease that automatically reduces interest expenses for all mortgagors in the country and thereby...

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...

We investigate the effect of CEO relative age, an early-life measure defined as age relative to others in the same school cohort determined by the cutoff date policy at primary school entry, on corporate risk-taking. We base our analysis on the arguable randomness of managers’ birth months and...

We study the overall effectiveness, unintended consequences, and transmission mechanisms of the cooling measures imposed by the Hong Kong government between 2009 and 2017 on the residential property market. We use comprehensive micro-level transaction data and adopt a regression discontinuity...