Adverse Selection and Climate Risk: A Response to
成果类型：
Article; Early Access
署名作者：
LaCour-Little, Michael; Pavlov, Andrey; Wachter, Susan
署名单位：
California State University System; California State University Fullerton; Simon Fraser University; University of Pennsylvania
刊物名称：
REVIEW OF FINANCIAL STUDIES
ISSN/ISSBN：
0893-9454
DOI：
10.1093/rfs/hhad072
发表日期：
2023
关键词：
摘要：
We identify two issues in the work of . Correcting either reverses the original result. The two changes are to use the correct FHFA conforming loan limits for each county and year and to compare the individual loan amount to that limit correctly. There is no evidence that lenders transfer climate risk by altering loan origination and securitization behavior. None of our results calls into question the value and importance of the O&K model as a test for adverse selection. The question addressed and the setup of the test are important and should be replicated over time.
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