This paper investigates the impact of spatially correlated unobservable variables on the refinancing, selling, and default decisions of mortgage borrowers. Virtually the entire mortgage literature acknowledges that borrower specific characteristics, such as culture, education, or access to...

Recently, research has begun to investigate the reasons for differences in homeownershiprates between Asian and whites. This paper extends this research by examining theheterogeneity that exists across Asian groups in the United States. We find that there areimportant differences across...

This paper investigates the impact of spatially correlated unobservable variables on the refinancing, selling, and default decisions of mortgage borrowers. Virtually the entire mortgage literature acknowledges that borrower specific characteristics, such as culture, education, or access to...

Recently, research has begun to investigate the reasons for differences in homeownership rates between Asian and whites. This paper extends this research by examining the heterogeneity that exists across Asian groups in the United States. We find that there are important differences across...

The ordinary least squares (OLS) estimator for spatial autoregressions may be consistent as pointed out by Lee (2002), provided that each spatial unit is influenced aggregately by a significant portion of the total units. This paper presents a unified asymptotic distribution result of the...