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作者：Garcia, Diego; Strobl, Gunter
作者单位：University of North Carolina; University of North Carolina Chapel Hill
摘要：This article studies how relative wealth concerns, in which a person's satisfaction with their own consumption depends on how much others are consuming, affect investors' incentives to acquire information. We find that such externalities can generate complementarities in information acquisition within the standard rational expectations paradigm. When agents are sensitive to the wealth of others, they herd on the same information, trying to mimic each other's trading strategies. We show that th...
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作者：Ghent, Andra C.
作者单位：City University of New York (CUNY) System; Baruch College (CUNY)
摘要：We use loan-level data from the New York City metropolitan area to examine the extent to which lenders attempted to prevent foreclosures with concessionary modifications during the Great Depression. We find no principal forgiveness in the sample and only a handful of concessionary mortgage modifications of other types. Far more mortgages terminated through foreclosure than received any sort of concessionary modification. The results indicate that there are significant impediments to renegotiat...
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作者：Allen, Franklin; Fulghieri, Paolo; Mehran, Hamid
作者单位：University of North Carolina; University of North Carolina Chapel Hill; University of Pennsylvania; Federal Reserve System - USA; Federal Reserve Bank - New York
摘要：The critical role played by financial institutions in the recent financial crises has generated renewed interest on the corporate finance of the banking firm and the impact of the banking sector on the real economy. This paper introduces the special issue of the Review of Financial Studies dedicated to The Value of Bank Capital and the Structure of the Banking Industry. The special issue combines papers presented at the conference on Corporate Finance of Financial Intermediaries in September 2...
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作者：Stango, Victor; Zinman, Jonathan
作者单位：University of California System; University of California Davis; Dartmouth College
摘要：We posit that consumer lenders shroud interest rates and market low monthly payments to price discriminate on fuzzy math or payment/interest bias: consumers' pervasive tendency to underestimate borrowing costs when an interest rate is not disclosed. We test whether mandated disclosure changes lenders' ability to price discriminate using within-household interactions between payment/interest bias and policy-induced variation in the strength of Truth-in-Lending Act (TILA) enforcement across lend...
