We investigate how seller reputation affects bidding activity in an Internet auction market. We find that bidders reward higher reputation sellers with higher prices. Sellers have incentive to invest in reputation despite noise due to the ability of participants to shed reputations using cheap...

Using data on privately-securitized subprime ARMs (adjustable rate mortgages) originated between 1997 and 2008 and observed between 2000 and 2008, and so covering the start of the subprime crisis, this paper constructs a reduced-form credit risk model of default, and then uses contractual...

This research explores the impact of mobile homes parks on the value of single-family homes. This is the first study that empirically analyzes the effect of mobile home parks on property values. The empirical methodology used attempts to address the potential identification problem that exists...

The traditional default rule in the United States has been that, where two brokerage firms participate in the sale of a piece residential real estate, both firms are fiduciaries of the seller. This article provides original empirical evidence showing to be erroneous a common assumption - that,...

The recent rise in shared appreciation mortgage (SAM) availability motivates careful consideration of underlying borrower incentives. The lender's share of appreciation in SAMs (share) is essentially a dynamic prepayment penalty imposed on the borrower. However, the borrower faces a moral hazard...

The recent rise in shared appreciation mortgage (SAM) availability motivates careful consideration of underlying borrower incentives. The lender's share of appreciation in SAMs (share) is essentially a dynamic prepayment penalty imposed on the borrower. However, the borrower faces a moral hazard...

Because of impersonal securitization in the secondary market, the ultimate investors in a mortgage have only a limited amount of information about the borrower's characteristics. This creates an asymmetric information problem because of hidden knowledge on the part of the primary lenders, who...

Because of impersonal securitization in the secondary market, the ultimate investors in a mortgage have only a limited amount of information about the borrower's characteristics. This creates an asymmetric information problem because of hidden knowledge on the part of the primary lenders, who...

Mortgage researchers developing numerous hypotheses concerning the most relevant factors for mortgage valuation, have generated a wealth of recent ideas. Each new hypothesis generates an additional separate empirical test. This paper combines many features of recent mortgage models into a single...

Mortgages are complicated instruments, and the pace of financial innovation complicates them further. Unlike standard single family mortgages, the terms on commercial loans are heterogeneous, and the motivations of property owners are not well understood. Single family lenders are increasingly...