Does Asymmetric Information Cause The Home Equity

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Does Asymmetric Information Cause The Home Equity

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Author :
language : en
Publisher: World Bank Publications
Release Date :

Does Asymmetric Information Cause The Home Equity written by and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on with categories.

Does Asymmetric Information Cause The Home Equity Bias

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Author : Claudio Bravo-Ortega
language : en
Publisher:
Release Date : 2005

Does Asymmetric Information Cause The Home Equity Bias written by Claudio Bravo-Ortega and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005 with Home equity loans categories.

"The home equity bias is one of the many puzzles existing in international finance. This puzzle is characterized by the concentration of domestic equity in any investor's portfolio, which is in contradiction with the benchmark of full diversification in a world mutual fund. Based on Admati's (1985) and Gehrig's (1993) noisy rational expectation models, Bravo-Ortega tries to explain the effect of asymmetric information in the home equity bias puzzle. While asymmetric information helps to explain the puzzle for the case of one domestic and one foreign equity, this result relies on very restrictive assumptions. Using a model with one domestic asset and two foreign assets, the author illustrates that asymmetries of information are also consistent with home equity bias reversals. One proposition generalizes these results. Simulations corroborate the main theoretical predictions of the model presented by the author. This paper is a product of the Office of the Chief Economist, Latin America and the Caribbean Region"--World Bank web site.

Could Asymmetric Information Alone Have Caused The Collapse Of Private Label Securitization

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Author : Daniel O. Beltran
language : en
Publisher: DIANE Publishing
Release Date : 2010

Could Asymmetric Information Alone Have Caused The Collapse Of Private Label Securitization written by Daniel O. Beltran and has been published by DIANE Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010 with Reference categories.

A key feature of the 2007-2008 financial crisis is that for some classes of securities trade has ceased. And where trade does occur, it appears that market prices are well below what one might believe to be the intrinsic value for that class of security. This seems to be especially true for those securities where the payoff streams are particularly complex (for ex., CDOs). One explanation for this is that info. about these securities intrinsic values is asymmetric, with the current holders having better info. than potential buyers. The resulting adverse selection problem can help explain why more complex securities trade at significant discounts to their intrinsic values or do not trade at all. Charts and tables. This is a print on demand report.

Essays On Asymmetric Information

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Author : Claudio Cristian Bravo Ortega
language : en
Publisher:
Release Date : 2003

Essays On Asymmetric Information written by Claudio Cristian Bravo Ortega and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003 with categories.

Testing Static Trade Off Against Pecking Order Models Of Capital Structure

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Author : Lakshmi Shyam-Sunder
language : en
Publisher:
Release Date : 2023-07-18

Testing Static Trade Off Against Pecking Order Models Of Capital Structure written by Lakshmi Shyam-Sunder and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023-07-18 with Business & Economics categories.

Asymmetric Information And The Market Structure Of The Banking Industry

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Author : Mr.Giovanni Dell'Ariccia
language : en
Publisher: International Monetary Fund
Release Date : 1998-06-01

Asymmetric Information And The Market Structure Of The Banking Industry written by Mr.Giovanni Dell'Ariccia and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 1998-06-01 with Business & Economics categories.

The paper analyzes the effects of informational asymmetries on the market structure of the banking industry in a multi-period model of spatial competition. All lenders face uncertainty with regard to borrowers’ creditworthiness, but, in the process of lending, incumbent banks gather proprietary information about their clients, acquiring an advantage over potential entrants. These informational asymmetries are an important determinant of the industry structure and may represent a barrier to entry for new banks. The paper shows that, in contrast with traditional models of horizontal differentiation, the steady-state equilibrium is characterized by a finite number of banks even in the absence of fixed costs.

Advances In Economics And Econometrics

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Author : Econometric Society. World Congress
language : en
Publisher: Cambridge University Press
Release Date : 2003-01-20

Advances In Economics And Econometrics written by Econometric Society. World Congress and has been published by Cambridge University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003-01-20 with Business & Economics categories.

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Financial Markets And Financial Crises

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Author : R. Glenn Hubbard
language : en
Publisher: University of Chicago Press
Release Date : 1991-08-13

Financial Markets And Financial Crises written by R. Glenn Hubbard and has been published by University of Chicago Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 1991-08-13 with Business & Economics categories.

Warnings of the threat of an impending financial crisis are not new, but do we really know what constitutes an actual episode of crisis and how, once begun, it can be prevented from escalating into a full-blown economic collapse? Using both historical and contemporary episodes of breakdowns in financial trade, contributors to this volume draw insights from theory and empirical data, from the experience of closed and open economies worldwide, and from detailed case studies. They explore the susceptibility of American corporations to economic downturns; the origins of banking panics; and the behavior of financial markets during periods of crisis. Sever papers specifically address the current thrift crisis—including a detailed analysis of the over 500 FSLIC-insured thrifts in the southeast—and seriously challenge the value of recent measures aimed at preventing future collapse in that industry. Government economists and policy makers, scholars of industry and banking, and many in the business community will find these timely papers an invaluable reference.

Complex Mortgages Cm

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Author : Gene Amromin
language : en
Publisher: DIANE Publishing
Release Date : 2011

Complex Mortgages Cm written by Gene Amromin and has been published by DIANE Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011 with Business & Economics categories.

CM became a popular borrowing instrument during the bullish housing market of the early 2000s but vanished rapidly during the subsequent downturn. These non-traditional loans (interest only, negative amortization, and teaser mortgages) enable households to postpone loan repayment compared to traditional mortgages and hence relax borrowing constraints. But, they increase household leverage and heighten dependence on mortgage refinancing. CM were chosen by prime borrowers with high income levels seeking to purchase expensive houses relative to their incomes. Borrowers with CM experience substantially higher ex post default rates than borrowers with traditional mortgages with similar characteristics. Illus. This is a print on demand report.

Equity Home Bias In International Finance

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Author : Kavous Ardalan
language : en
Publisher: Routledge
Release Date : 2019-05-17

Equity Home Bias In International Finance written by Kavous Ardalan and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-05-17 with Business & Economics categories.

This book provides a comprehensive and critical analysis of research outcomes on the equity home bias puzzle – that people overinvest in domestic stocks relative to the theoretically optimal investment portfolio. It introduces place attachment – the bonding that occurs between individuals and their meaningful environments – as a new explanation for equity home bias, and presents a philosophically multi-paradigmatic view of place attachment. For the first time, a comprehensive and up-to-date review of the extant literature is provided, demonstrating that place attachment is a contributing factor to 22 different topics in which variations of home bias are present. The author also analyses the social-psychological underpinnings of place attachment, and considers the effect of multi-culturalism on the future of equity home bias. The book’s unique approach discusses the issues in conceptual terms rather than through data and statistical methods. This multi- and inter-disciplinary book is an invaluable resource for graduate students and researchers interested in economics, finance, philosophy, and/or methodology, introducing them to a new line of research.