We examine the effect of direct mail (commonly referred to as junk mail) advertising on individual financial decisions by studying consumer choice of home equity debt contracts. Consistent with the theoretical predictions, we find that financial variables underlying the relative pricing of debt...

"Agency theory in modern corporate finance suggests the presence of a conflict of interest between managers and shareholders. Prior theoretical and empirical research has identified leverage as an important mechanism that is likely to mitigate agency costs. Although debt plays a central role in...

We examine the effect of direct mail (commonly referred to as junk mail) advertising on individual financial decisions by studying consumer choice of home equity debt contracts. Consistent with the theoretical predictions, we find that financial variables underlying the relative pricing of debt...

The authors examine whether a borrower’s choice of automobile reveals information about future loan performance. They find that loans on most luxury automobiles have a higher probability of prepayment, while loans on most economy automobiles have a lower probability of default, even when...

Subsidized loans may help increase home ownership in low income neighborhoods with positive social benefits, however there are risks and costs to the homeowners themselves. Home ownership increases incentives to maintain property and neighborhood, as well as decreasing the outflow of rents from...

This paper uses statistical regression techniques to develop a model to explain both warehouse asking prices and warehouse quoted lease rates. In developing the statistical models, the paper provides a useful comparison between ordinary least squares (OLS), and weighted least squares (WLS)...

This study explores the location preferences for firms of different sizes, using a varying coefficient model to study the relationships underlying industrial location and economic development in the rural Southeast. The model distinguishes between the ability of a county to attract industry both...

As a corporate organizational form, real estate investment trusts (REITs) fall into two competing property management structures: internally advised and externally advised. This study tests the hypothesis that, due to their superior ability to resolve conflicts of interests between REIT...

This study examines the variations in quarterly mean "capitalization rates" for commercial and industrial investment properties. By explaining the variations in the capitalization rate, we hope to expand the research in explaining variations in the overall return to property. This study differs...