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作者：Jiang, Wei; Nelson, Ashlyn Aiko; Vytlacil, Edward
作者单位：Columbia University; Indiana University System; Indiana University Bloomington; New York University
摘要：This paper presents an analysis of mortgage delinquency between 2004 and 2008 using a loan-level data set from a major national mortgage bank. Our analysis highlights two problems underlying the mortgage crisis: a reliance on mortgage brokers who tend to originate lower-quality loans and a prevalence of low-documentation loans-known in the industry as liar's loans''-that result in borrower information falsification. While over three-quarters of the difference in delinquency rates between bank ...
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作者：Li, Geng
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：Using the Panel Study of Income Dynamics, we document that controlling for observable characteristics, household investors' likelihood of entering the stock market within the ensuing five years is about 20% to 30% higher if their parents or children had entered the stock market during the previous five years. By eliminating competing hypotheses such as preference similarity and herding, we argue that these findings highlight the significance of information sharing regarding household financial...
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作者：Griffith, Rachel; Macartney, Gareth
作者单位：University of London; London School Economics & Political Science; University of Manchester
摘要：The theoretical effects of labor regulations, such as employment protection legislation (EPL), on innovation is ambiguous. EPL increases job security, and the greater enforceability of job contracts may increase worker investment in innovative activity. But EPL increases firms' adjustment costs, which may lead to underinvestment in activities that are likely to require adjustment, including technologically advanced innovation. In this paper, we find empirical evidence that these effects are at...
