The role of securitization in mortgage renegotiation

We study the effects of securitization on renegotiation of distressed residential mortgages over the current financial crisis. Unlike prior studies, we employ unique data that directly observe lender renegotiation actions and cover more than 60% of the U.S. mortgage market. Exploiting within-servicer variation in these data, we find that bank-held loans are 26–36% more likely to be renegotiated than comparable securitized mortgages (4.2–5.7% in absolute terms). Also, modifications of bank-held loans are more efficient: conditional on a modification, bank-held loans have 9% lower post-modification default rates (3.5% in absolute terms). Our findings support the view that frictions introduced by securitization create a significant challenge to effective renegotiation of residential loans. We also provide evidence supporting the affordability focus of recent policy actions, such as the Home Affordability Modification Program.     

The use of bank lines of credit in corporate liquidity management: A review of empirical evidence

This paper reviews empirical evidence on the use of bank lines of credit as a source of corporate liquidity. Traditional explanation for lines of credit is that they provide insurance against liquidity shocks, in much the same as way hoarding cash does. However, recent empirical research suggests that access to lines of credit is contingent on the credit quality of the borrower as well as the financial condition of the lender. These findings suggest that lines of credit are an imperfect substitute for cash as a source of corporate liquidity.     

Hometown advantage: The effects of monitoring institution location on financial reporting discretion

We examine the impact of institutional ownership on financial reporting discretion, focusing on whether the impact varies with institutions' cost of acquiring monitoring information. Using geographic distance between the firm and the institutional investor as a proxy for the cost of acquiring monitoring information, we find that corporate managers are less likely to use financial reporting discretion in the presence of local monitoring institutions than distant monitoring institutions. We also find that the impact of monitoring institutions on financial reporting discretion varies with the costs and benefits of financial reporting discretion.     

纳米氧化锡粉体的制备及性能表征

以SnCl4·5H2O为主要原料,以十六烷基铵为分散剂,NH3·H2O作为沉淀剂,利用液相沉积法成功制备出了SnO2纳米颗粒.通过透射电镜(TEM)、X射线衍射(XRD)以及热重分析(TG),研究了纳米氧化锡粉体的形貌、尺寸分布和结构特征.SnO2颗粒平均粒径在30 nm左右,呈不规则多面体,有些近似于球形,粒径分布窄...     

离子液体在二氧化硫吸收中的应用

综述了离子液体在烟气脱硫方面的应用,比较了不同离子液体的吸收条件、吸收速率、吸收量和循环使用效能,分析了离子液体吸收SO2的机理。结果表明,胍盐类、醇胺类离子液体对SO2有良好的吸收性能,尤其是胍盐类离子液体在吸收和解吸SO2方面有着吸收率高、吸收速度快、吸收条件温和、吸收容量大、解吸完全、可多次循环使用等优点,在烟道气脱硫方面具有良好的工业应用前景。     

H2S废气净化及脱硫剂再生方法的研究进展

HzS作为恶臭气体的主要成分之一,其常见的净化技术主要有干法、湿法和生物法.针对目前应用前景较广的湿式催化氧化脱硫技术,重点介绍了铁基脱硫剂的再生方法,指出了今后H2S废气净化处理的研究重点及方向.     

头孢唑肟钠合成工艺研究

为优化头孢唑肟钠合成工艺,考察了碱种类、有机溶剂、醇水体积比、反应温度等条件对头孢唑肟钠反应收率的影响。确立了较优化的合成工艺条件：以异辛酸钠为转钠剂,异丙醇为溶剂,当异丙醇和水体积比为10：1时,头孢唑肟钠收率为91.8％,纯度为99.34％(HPLC),符合《中国药典》2010年版二部标准规定。此方法工艺简单,易于...     

The Economic Impact of Marena’s Investments on Sustainable Agricultural Systems in Honduras

This study examines the economic impact of sustainable agricultural production systems in Central America. In particular, we investigate the impact of investments promoted by the MARENA Programme in Honduras on the total value of agricultural production (TVAP) of its beneficiaries. Propensity Score Matching techniques along with the Difference‐in‐Differences framework are used to mitigate biases stemming from differences in observed as well as unobserved (time‐invariant) characteristics between beneficiaries and a control group. The econometric estimates suggest that MARENA has had a positive and significant effect on the TVAP of beneficiaries. In addition, the analysis shows that, under alternative scenarios, MARENA yielded higher than expected internal rates of return. The results of this study shed light on the response of small‐scale hillside farmers to economic incentives and lend support to the role of natural resource management projects in Central America as a tool to increase household income while also promoting the conservation of natural resources.     

我国M《,2》/GDP过高原因的再考察——基于融资结构和不良资产的分析

改革开放以来,中国的M<,2>/GDP不断攀升,这种现象已成为中国金融之谜.本文试图从融资结构的角度去解释中国偏高的M<,2>/GDP比值,通过考察M<,2>/GDP的备组成部分,认为银行主导型的融资结构是导致中国高M2/GDP比率的主要因素,进而分析该融资结构下带来的巨额商业银行不良资产对M<,2>/GDP变动的影响.