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 …

Security design, which broadly speaking deals with the issue of designing optimal
contractual mechanisms for overcoming various frictions between agents, is the subject of …

Abstract Analyzing the period 1988–2006, we document that banks that are active in strong
housing markets increase mortgage lending and decrease commercial lending. Firms that …

This paper examines apparent fraud among securitized nonagency loans using three
indicators: unreported second liens, owner occupancy misreporting, and appraisal …

We examine whether “rating shopping” or “rating catering” is a more accurate
characterization of rating agency interactions regarding collateralized debt obligations …

Risk management is an important issue of green finance, and it is also a prominent issue of
green economic development. The resolution of green financial risk will help protect the …

Complex mortgages became a popular borrowing instrument during the bullish housing
market of the early 2000s but vanished rapidly during the subsequent downturn. These non …

An entrepreneur borrows from a relationship bank or the market. The bank has a higher cost
of capital but produces private information over time. While the entrepreneur accumulates …

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 …

We challenge theories that lead arrangers retain shares of syndicated loans to overcome
information asymmetries. Lead arrangers frequently sell their entire loan stake—in over 50 …