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作者：Gissler, Stefan; Ramcharan, Rodney; Yu, Edison
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors; University of Southern California; Federal Reserve System - USA; Federal Reserve Bank - Philadelphia
摘要：This paper finds that banks and nonbanks respond differently to increased competition in consumer credit markets. Increased competition and a greater threat of failure induces banks to specialize in relationship business lending, and surviving banks are more profitable. However, nonbanks change their credit policy when faced with more competition and expand credit to riskier borrowers at the extensive margin, resulting in higher default rates. These results showhowthe effects of competition de...
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作者：Bayer, Patrick; Geissler, Christopher; Mangum, Kyle; Roberts, James W.
作者单位：Duke University; National Bureau of Economic Research; Federal Reserve System - USA; Federal Reserve Bank - Philadelphia
摘要：Using data from the Los Angeles area from 1988 to 2012, we study the behavior and sources of returns of individual investors in the housing market. We document the existence of two distinct investor types. The first act as middlemen, purchasing substantially below and reselling above market prices throughout the cycle, improving liquidity and the existing capital stock in the process. The second act as speculators, who primarily enter during the boom, buying and selling at essentially market p...
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作者：Bergman, Nittai K.; Iyer, Rajkamal; Thakor, Richard T.
作者单位：Tel Aviv University; Imperial College London; University of Minnesota System; University of Minnesota Twin Cities
摘要：What is the effect of cash injections during financial crises? Exploiting county-level variation arising from random weather shocks during the 1980s Farm Debt Crisis, we analyze and measure the effect of local weather-driven cash flow shocks on the real and financial sectors. We show that such cash flow shocks significantly affect a host of economic outcomes, including land values, loan delinquency rates, the probability of bank failure, employment, and wages. Estimates of the effect of local ...
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作者：Stein, Luke C. D.; Yannelis, Constantine
作者单位：Babson College; University of Chicago
摘要：This paper studies how access to financial services among a previously unbanked group affects human capital, labor market, and wealth outcomes. We use novel data from the Freedman's Savings Bank-created following the American Civil War to serve free Blacks-employing an instrumental variables strategy exploiting the staggered rollout of bank branches. Families with accounts are more likely to have children in school, be literate, work, and have higher occupational income, business ownership, an...
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作者：Flynn, Sean J., Jr.; Ghent, Andra C.; Tchistyi, Alexei
作者单位：Colorado State University System; Colorado State University Fort Collins; University of North Carolina; University of North Carolina Chapel Hill; University of Illinois System; University of Illinois Urbana-Champaign
摘要：We analyze how Dodd-Frank-mandated risk retention affects the information investors extract from issuers' retention choices in the CMBS market. We show that the required retention level is both binding and stringent. Although this implies issuers cannot signal using the level of retention, we provide a model showing that signaling can occur by varying the retention structure. The model is consistent with spreads being empirically lower in deals with a purely first-loss retention structure. A s...
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作者：Argyle, Bronson S.; Nadauld, Taylor D.; Palmer, Christopher J.
作者单位：Brigham Young University; Massachusetts Institute of Technology (MIT); National Bureau of Economic Research
摘要：We document three phenomena we jointly refer to as monthly payment targeting. First, using data from 500,000 used auto loans and discontinuities in contract terms offered by hundreds of lenders, we show that demand is more sensitive to maturity than to interest rate, consistent with consumers managing payment size when making debt decisions. Second, many consumers appear to employ segregated mental accounts, spending exogenous payment savings on larger loans. Third, consumers bunch at round nu...
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作者：Muravyev, Dmitriy; Pearson, Neil D.
作者单位：Michigan State University; University of Illinois System; University of Illinois Urbana-Champaign
摘要：Conventional estimates of the costs of taking liquidity in options markets are large. Nonetheless, options trading volume is high. We resolve this puzzle by showing that options price changes are predictable at high frequency, and many traders time executions by buying (selling) when the option fair value is close to the ask (bid). Effective spreads of traders who time executions are less than 40% of the size of conventional measures, and the overall average effective spread is one-quarter sma...
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作者：Fleckenstein, Matthias; Longstaff, Francis A.
作者单位：University of Delaware; University of California System; University of California Los Angeles; National Bureau of Economic Research
摘要：A long-standing asset pricing puzzle is that the funding rates in derivatives contracts often differ from those in cash markets. We propose that the cost of renting intermediary balance sheet space may help resolve this puzzle. We study a persistent basis in what is arguably the largest derivatives market, namely, the interest rate futures market. This basis is strongly related to exogenous measures of intermediary balance sheet usage and proxies for the balance sheet costs imposed by debt ove...
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作者：Gao, Zhenyu; Sockin, Michael; Xiong, Wei
作者单位：Chinese University of Hong Kong; University of Texas System; University of Texas Austin; Princeton University; National Bureau of Economic Research
摘要：By exploiting variation in state capital gains taxation as an instrument, we analyze the economic consequences of housing speculation during the U.S. housing boom in the 2000s. We find that housing speculation, anchored, in part, on extrapolation of past housing price changes, led not only to greater price appreciation, economic expansions, and housing construction during the boom in 2004-2006 but also to more severe economic downturns during the subsequent bust in 2007-2009. Our analysis supp...
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作者：Saadi, Vahid
作者单位：IE University
摘要：This paper studies the role of the Community Reinvestment Act (CRA) in the U.S. housing boom-bust cycle. I find that enhancedCRAenforcement in 1998 increased the growth rate of mortgage lending by CRA-regulated banks to CRA-eligible census tracts. I showthat during the boom period house price growth was higher in the eligible census tracts because of the shift in mortgage supply of regulated banks. Consequently, these census tracts experienced a worse housing bust. I find that CRA-induced mort...
