facing HCA disproportionately resort to gains trading, selectively selling their corporate and government bond holdings with …

loans are sold, independently of considerations about the future firm value. This reduces information asymmetry in the bond … market and improves its liquidity. This provides the first evidence of a direct informational link between the loan and bond …

This Paper analyses corporate bond valuation and optimal call and default rules when interest rates and firm value are … bond sensitivity to interest rates and firm value. Although endogenous and exogenous bankruptcy models can be calibrated to …

We use survey data to study American households’ propensity to default when the value of their mortgage exceeds the … value of their house even if they can afford to pay their mortgage (strategic default). We find that 26% of the existing … the house. Yet, 17% of households would default, even if they can afford to pay their mortgage, when the equity shortfall …

How do credit standards on the mortgage market affect neighbourhood choice and the resulting level of urban segregation …-2006 mortgage credit boom on the level of school segregation. Census tract racial composition is strongly correlated with the racial … composition of the 10 closest schools in the cross section. Matching a national data set of mortgage originations with annual …

allows the model to account for key asset pricing moments, such as the equity premium, the bond term premium, and the weak …