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Adjustable and Fixed Rate Mortgages as a Screening Mechanism for Default Risk

  • Posey, Lisa L.
  • Yavas, Abdullah

No abstract is available for this item.

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File URL: http://www.sciencedirect.com/science/article/pii/S0094-1190(00)92182-X
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Article provided by Elsevier in its journal Journal of Urban Economics.

Volume (Year): 49 (2001)
Issue (Month): 1 (January)
Pages: 54-79

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Handle: RePEc:eee:juecon:v:49:y:2001:i:1:p:54-79
Contact details of provider: Web page: http://www.elsevier.com/locate/inca/622905

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  1. Hellmuth Milde & John G. Riley, 1988. "Signaling in Credit Markets," The Quarterly Journal of Economics, Oxford University Press, vol. 103(1), pages 101-129.
  2. Timothy J. Riddiough & Howard E. Thompson, 1993. "Commercial Mortgage Pricing with Unobservable Borrower Default Costs," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 21(3), pages 265-291.
  3. Hayne E. Leland and David H. Pyle., 1976. "Informational Asymmetries, Financial Structure, and Financial Intermediation," Research Program in Finance Working Papers 41, University of California at Berkeley.
  4. Guedes, Jose & Thompson, Rex, 1995. "Tests of a Signaling Hypothesis: The Choice between Fixed- and Adjustable-Rate Debt," Review of Financial Studies, Society for Financial Studies, vol. 8(3), pages 605-36.
  5. Schwartz, Eduardo S & Torous, Walter N, 1992. "Prepayment, Default, and the Valuation of Mortgage Pass-through Securities," The Journal of Business, University of Chicago Press, vol. 65(2), pages 221-39, April.
  6. Sheridan Titman, 1990. "Interest rate swaps and corporate financing choices," Proceedings, Federal Reserve Bank of San Francisco, issue Nov.
  7. Baesel, Jerome B. & Biger, Nahum, 1980. "The Allocation of Risk: Some Implications of Fixed versus Index-Linked Mortgages," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 15(02), pages 457-468, June.
  8. Dhillon, Upinder & Sa-Aadu, J & Shilling, James D, 1996. "Choosing between Fixed- and Adjustable-Rate Mortgages: The Case of Commercial Mortgages," The Journal of Real Estate Finance and Economics, Springer, vol. 12(3), pages 265-77, May.
  9. Michael Spence, 1973. "Job Market Signaling," The Quarterly Journal of Economics, Oxford University Press, vol. 87(3), pages 355-374.
  10. Jones, Steven T. & Miller, Norman G. & Riddiough, Timothy J., 1995. "Residential Mortgage Choice: Does the Supply Side Matter?," Journal of Housing Economics, Elsevier, vol. 4(1), pages 71-90, March.
  11. Brueckner, Jan K & Follain, James R, 1988. "The Rise and Fall of the ARM: An Econometric Analysis of Mortgage Choice," The Review of Economics and Statistics, MIT Press, vol. 70(1), pages 93-102, February.
  12. Loretta J. Mester, 1993. "Why are credit card rates sticky?," Working Papers 93-16, Federal Reserve Bank of Philadelphia.
  13. Kau, James B. & Keenan, Donald C. & Muller, Walter III & Epperson, James F., 1987. "The valuation and securitization of commercial and multifamily mortgages," Journal of Banking & Finance, Elsevier, vol. 11(3), pages 525-546, September.
  14. Kau, James B, et al, 1993. "Option Theory and Floating-Rate Securities with a Comparison of Adjustable- and Fixed-Rate Mortgages," The Journal of Business, University of Chicago Press, vol. 66(4), pages 595-618, October.
  15. Vandell, Kerry D, 1978. "Default Risk under Alternative Mortgage Instruments," Journal of Finance, American Finance Association, vol. 33(5), pages 1279-96, December.
  16. T. L. Tyler Yang, 1992. "Self-Selection in the Fixed-Rate Mortgage Market," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 20(3), pages 359-391.
  17. Dhillon, Upinder S & Shilling, James D & Sirmans, C F, 1987. "Choosing between Fixed and Adjustable Rate Mortgages: A Note," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 19(2), pages 260-67, May.
  18. Brueckner Jan K., 1994. "Borrower Mobility, Adverse Selection, and Mortgage Points," Journal of Financial Intermediation, Elsevier, vol. 3(4), pages 416-441, September.
  19. Sa-Aadu, J & Sirmans, C F, 1995. "Differentiated Contracts, Heterogeneous Borrowers, and the Mortgage Choice Decision," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 27(2), pages 498-510, May.
  20. LeRoy, Stephen F, 1996. "Mortgage Valuation under Optimal Prepayment," Review of Financial Studies, Society for Financial Studies, vol. 9(3), pages 817-44.
  21. Alm, James & Follain, James R., 1984. "Alternative Mortgage Instruments, the Tilt Problem, and Consumer Welfare," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 19(01), pages 113-126, March.
  22. Dwight M. Jaffee & Thomas Russell, 1976. "Imperfect Information, Uncertainty, and Credit Rationing," The Quarterly Journal of Economics, Oxford University Press, vol. 90(4), pages 651-666.
  23. Brueckner, Jan K., 1992. "Borrower mobility, self-selection, and the relative prices of fixed- and adjustable-rate mortgages," Journal of Financial Intermediation, Elsevier, vol. 2(4), pages 401-421, December.
  24. Chari, V V & Jagannathan, Ravi, 1989. " Adverse Selection in a Model of Real Estate Lending," Journal of Finance, American Finance Association, vol. 44(2), pages 499-508, June.
  25. Bester, Helmut, 1985. "Screening vs. Rationing in Credit Markets with Imperfect Information," American Economic Review, American Economic Association, vol. 75(4), pages 850-55, September.
  26. Campbell, Tim S & Dietrich, J Kimball, 1983. " The Determinants of Default on Insured Conventional Residential Mortgage Loans," Journal of Finance, American Finance Association, vol. 38(5), pages 1569-81, December.
  27. Kau, James B, et al, 1992. "A Generalized Valuation Model for Fixed-Rate Residential Mortgages," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 24(3), pages 279-99, August.
  28. Jan K. Brueckner, 1993. "Why Do We Have ARMs?," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 21(3), pages 333-345.
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