Pure option-theoretic mortgage pricing models assume that the borrower will default immediately when the value of the property drops to the level of the mortgage value ("ruthless" default) rather than [...]
Most major urban areas remain segregated by race, especially in terms of black segregation from whites. We replicate and extend the innovative approach developed by Farley and colleagues for understanding [...]
Housing prices vary widely from market to market in the United States. The purpose of this study is to analyze the determinants of housing prices, with a particular focus on [...]
This paper presents a unified model of the default and prepayment behavior of homeowners in a proportional hazard framework. The model uses the option-based approach to analyze default and prepayment, [...]
In this article we examine theoretically the use of benchmark portfolios in the compensation of privately informed portfolio managers. We find that the use of benchmarks often observed in practice, [...]
The purpose of this article is to examine important elements of the decision of whether and how counselling should be regulated by statute. First, the current status of certification, registration, [...]
Real estate returns and employment growth rates over the 1983-1997 period for forty-six major MSAs are used to examine the relationship between employment growth and real estate return. The results [...]
In this paper, I examine how insurance spread from one group of institutions to the next and how the level of insurance was gradually raised. Although deposit insurance has often [...]
Licensing describes the set of regulations that limit service provision to individuals or entities who meet state-established criteria. Despite claims that licensure increases service quality, the effect of licensure on [...]
Self-regulation encompasses a wide range of arrangements, from private ordering without resort to legal rules to state-enforced systems of delegated rules. Transaction cost analysis has been used to explain how [...]