This paper is structured around three principal objectives. The first is to determine whether any incentives for appraisals support an underlying purchase offer, which may be termed a transaction bias. Appraisals that are lower than purchase prices could involve additional cost for justification...

This paper examines the effect of control rights over whether to publish or patent research results. University researchers have substantial discretion over disclosure, while management in non-academic organizations often direct researchers to patent their findings. Thus, the effect of control...

This innovative book analyses the role played by real estate markets in global financial stability and examines the fragile link between the two. Through what transmission channels do housing market cycles influence broader economic systems? How has the Global Financial Crisis shifted our view...

This innovative book analyses the role played by real estate markets in global financial stability and examines the fragile link between the two. Through what transmission channels do housing market cycles influence broader economic systems? How has the Global Financial Crisis shifted our view...

This innovative book analyses the role played by real estate markets in global financial stability and examines the fragile link between the two. Through what transmission channels do housing market cycles influence broader economic systems? How has the Global Financial Crisis shifted our view...

The main objective of this paper is to lay out a methodology for optimal sizing, or subordination, and pricing of the credit-sensitive Residential Mortgage Backed Securities (RMBS). To that end, we combine a Monte Carlo simulation framework with a model of cash flow waterfalls across multiple...

This study is structured around two objectives: surveying the 180 years’ evolution of the US mortgage intermediation system (MIS); and, extracting the lessons to be learned by emerging mortgage markets. To that end, I first discuss three pillars of a well-functioning MIS as a conceptual...