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...

We study the effect of bank loans on Chinese publicly listed firms' investment decisions based on the underinvestment and overinvestment theories of leverage. Evidence from China is of particular importance because China is the world's largest emerging and transitional economy. At first we show...

Starting in 2010, the China Banking Regulatory Commission (CBRC) mandated that between 40% and 50% of the annual variable compensation of senior commercial bank managers be paid over the subsequent 3 years or longer. We examine the implications of the CBRC deferred compensation regulation for...