We examine the recent rise of institutional investment in the single-family home rental
market and its implications for renters' welfare. Using institutional mergers to identify local …

I show how financial intermediaries affect rental housing quality and affordability by
supplying real estate investors with financing for quality improvement projects (ie …

We investigate how enterprise risk management (ERM) reshapes firm risk-taking behaviors.
Using loan-level data, we find that ERM does not affect bank mortgage loan origination but …

Relying on a hand-collected data set of European asset securitizations, we analyze risk
retention, a key regulatory reform requirement after the global financial crisis. We find today's …

We show that commercial mortgage borrowers behave opportunistically to attempt to obtain
principal reductions. We develop a model in which lenders cannot perfectly observe …

We use the prices of credit card asset-backed securities to study the market risk premium
associated with unsecured consumer credit risk. We find that the market incorporates a …

Agency MBS issuers can choose among three securitization venues: individual
securitization where an issuer uses her own loans to create an MBS, collective securitization …

We use model-implied volatility to proxy for property risk perceptions in the commercial real
estate lending market. Although loan-to-value ratios (LTVs) unconditionally decreased …

Rising interest rates and structural shifts in the demand for space have strained CRE
markets and prompted concern about contagion to the largest CRE debt holder: banks. We …

The risk retention rule requires issuers to retain part of their securities and share the
interests of investors. The different forms of risk retention chosen lead to different financing …