Collateral Valuation and Borrower Financial Constraints: Evidence from the Residential Real Estate Market

被引：45

作者：

Agarwal, Sumit ^{[1
]}

Ben-David, Itzhak ^{[2
,3
]}

Yao, Vincent ^{[4
]}

机构：

[1] Natl Univ Singapore, Singapore 119245, Singapore

[2] Ohio State Univ, Fisher Coll Business, Columbus, OH 43210 USA

[3] Natl Bur Econ Res, Cambridge, MA 02138 USA

[4] Fannie Mae, Washington, DC 20016 USA

来源：

MANAGEMENT SCIENCE | 2015年 / 61卷 / 09期

关键词：

collateral valuation; lending; banks; loans; default; financial crisis; MORTGAGE DEFAULT; OF-INTEREST; LOAN SALES; INFORMATION; DEBT; SECURITIZATION; RENEGOTIATION; FORECLOSURE; CONTRACTS; APPRAISAL;

D O I：

10.1287/mnsc.2014.2002

中图分类号：

C93 [管理学];

学科分类号：

12 ; 1201 ; 1202 ; 120202 ;

摘要：

Financially constrained borrowers have the incentive to influence the appraisal process in order to increase borrowing or reduce the interest rate. We document that the average valuation bias for residential refinance transactions is above 5%. The bias is larger for highly leveraged transactions, around critical leverage thresholds, and for transactions mediated through a broker. Mortgages with inflated valuations default more often. Lenders account for 60%-90% of the bias through pricing.

引用

页码：2220 / 2240

页数：21

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