This paper presents a comprehensive analysis of mortgage delinquency using a unique loan-level dataset from a major national mortgage bank from 2004 to 2008. Our analysis highlights two major agency problems underlying the mortgage crisis: one between the bank and mortgage brokers that results...

This study presents an intriguing contrast of the ex ante and ex post relations between mortgage securitization and loan performance using a comprehensive dataset from a major national mortgage lender. While the paper supports that the bank applies lower screening efforts on loans that have...

Most evidence on foreclosure spillovers identifies localized effects that are modest in magnitude, but these effects could multiply to larger aggregate effects across broad neighborhoods. We test this proposition developing a proxy for the fraction of mortgages in negative equity during the...

This study examines the effects of negative equity on children's academic performance, using data on children attending Florida public schools and housing transactions from the State of Florida. Our empirical strategy exploits variation over time in the timing of family moves to Florida in order...

This paper is the first to examine the effects of tax and expenditure limitations (TELs) on charitable activities benefiting public schools. Because TELs aim to reduce state budgets, TEL adoption may induce voluntary collective action at the local level. This paper employs a quasi-experimental...

This paper examines voluntary contributions to public education via charitable school foundations, booster clubs and PTAs/PTOs as an alternative to local revenues generated via the property tax. We employ panel data on school-supporting charities with national coverage from 1995 to 2010, which...