This article reviews the dramatic growth of nonbank mortgage lending after the Global
Financial Crisis, especially to borrowers with lower credit scores, and the related importance …

Black and Hispanic homeowners pay significantly higher mortgage interest rates than white
and Asian homeowners. We show that the main reason is that white and Asian borrowers …

Using the government-sponsored enterprises' sharp securitization rules, this paper provides
evidence that, in the aftermath of natural disasters, lenders are more likely to approve …

Using the market for initial coin offerings (ICOs) as a laboratory, we provide evidence that
entrepreneurs use retention to alleviate information asymmetry. The underlying technology …

Although third-party certification has been widely regarded as an important means of
controlling greenwash, an issue that hampers environmental sustainability and pollution …

In this paper, I estimate the magnitude of an informational friction limiting credit reallocation
to firms during the 2007 to 2009 financial crisis. Because lenders rely on private information …

We study information spillovers in a dynamic setting with correlated assets owned by
privately informed sellers. In the model, a trade of one asset can provide information about …

We develop a framework to explore the effect of credit ratings on loan origination. We show
that ratings endogenously shift the economy from a signaling equilibrium, in which banks …

We examine the effects of the Mortgage Electronic Registration System, or MERS, on
mortgage origination volumes and foreclosure rates prior to the Great Recession. MERS …

Financially constrained mortgage servicers destroyed substantial MBS investor value during
the financial crisis through their management of delinquent mortgages. Servicers advance to …