Bank Real Estate Lending and the New England Capital Crunch

The stock of real estate loans held by New England banks has declined dramatically. Given the limited potential for real estate investments, weak demand for real estate loans is to be expected. However, supply as well as demand factors may account for some of the decline in bank real estate loans. This paper documents that bank lending for real estate may have been constrained by a capital crunch, whereby poorly capitalized banks shrank their assets, including real estate loans, to satisfy capital requirements. Because the loss of bank capital is so widespread in New England, bank-dependent borrowers may have difficulty obtaining real estate financing.     

Industrial Real Estate Mortgage Default Experience of the New York State Job Development Authority Second Loan Program: A Preliminary Investigation

This paper explores the loan loss experience of a public industrial lending authority, employing contemporaneous borrower net equity as a link to mortgage loan default. The relationship between default, net equity and bankruptcy is tested on a small longitudinal data set of loans using nonparametric statistics and a proportional hazard model. Results show that negative net equity and firm bankruptcy are strongly associated with default among the study population. Further, the borrowers studied did not exercise the put option promptly, suggesting potential benefits from monitoring net equity one year or more prior to default.     

Alternative Lending Channels and the Crisis in U.S. Housing Markets

To what degree has the development of alternative mortgage funding channels promoted the recent boom and bust in U.S. housing markets? Past research examined whether Alt‐A and subprime market shares are correlated with the housing bubble. This article expands the analysis to include the share of specific “alternative” lending terms and finds that the shares of interest‐only and negative amortization loans are important factors in explaining the housing bubble. This result suggests that research on the housing market bubble should focus on the impacts of loan contract terms rather than loan channel.     

Origination Channel,Prepayment Penalties and Default

This article presents evidence that nonbank‐originated subprime mortgages have a higher probability of default than bank‐originated subprime mortgages, but only for loans with prepayment penalties. Evidence also indicates that nonbanks price prepayment penalties less favorably to borrowers than banks do, and nonbanks originate disproportionately more loans with prepayment penalties in locales with less financially sophisticated borrowers. State antipredatory lending law provisions restricting the use of prepayment penalties eliminate the elevated default risk of nonbank originations relative to bank originations. These findings are consistent with incentives generated by nonbank compensation via yield spread premiums on loans with prepayment penalties.     

Getting bank financing: A study of Vietnamese private firms

Private firms in transition economies are operating in an extremely uncertain environment, with underdeveloped market institutions, poorly defined property rights, and absence of reliable business data. This raises a very basic question of how owners of these firms persuade bankers to make much needed loans. This study employs an institutional perspective and argues that firms' legitimacy positively influences their accessibility to bank financing. Specifically, this study develops a model that links networking, professional management practices, and growth stage with bank financing and tests that model using a sample of Vietnamese private firms. The results support the hypotheses that growth stage and networking greatly influence firms' accessibility to bank financing, and that the impact of networking on financing is contingent on the growth stage.     

A Research Note on Factors Associated with Troubled Residential Construction Loans

Several factors considered significant in determining the level of construction lending risk were tested for association with samples of troubled and good residential construction loans. Generally, a priori expectations were confirmed. The strongest associations with risk were found for unavailability of materials, followed by inflationary cost overruns and borrower experience.
Interest rates on the sample of troubled loans did not significantly differ from the rates on the sample of good loans, suggesting the lender did not adequately recognize elements of lending risk, or that those risks were ignored.     

期望落差下的组织搜索:长期债务融资及其价值再造

企业在何种状态下采取长期负债经营策略以及这种策略将对企业未来的发展产生何种影响,是一个重要的理论问题。本文将企业的长期债务融资视为组织搜索行为,构建了一个绩效反馈的权变模型,探讨期望落差与长期债务融资之间的理论关系及制约因素。本文基于2007—2018年中国上市企业数据的检验结果表明:期望落差将对企业长期债务融资产生直接影响。在企业管理者搜索动机与搜索成本的共同作用下,企业的长期债务融资与期望落差程度呈非线性关系,即在临近期望值的状态下企业管理者表现出局部搜索动机,倾向于通过增加债务来解决企业的期望落差问题;而在远离期望值的状态下表现出非局部搜索动机,倾向于减少长期债务融资。环境不确定性是制约期望落差下企业长期债务融资策略的重要因素,市场与政策环境的不确定性越高,则越有可能导致处于落差状态下的企业减少长期债务融资。期望落差状态下的长期债务融资与企业价值再造能力之间存在着先升后降的“倒U型”关系,即落差状态下适度的长期债务融资提高了企业的价值能力,但超过临界点后将对价值再造起到遏制作用。本文在一定程度上丰富了期望落差下组织搜索的过程机制,为深入理解企业长期负债经营的前因提供了新的视角。     

Prepurchase financing pool: Revealing the IRR problem

Internal rate of return (IRR) is one of the most common and important indicators in investment analysis because it is often used by managers and practitioners as a decision-making criterion. Moreover, the IRR reflects the financial cost in financing decisions and it helps to answer the following question when comparing different financing alternatives: “Which loan is the cheapest?” Among the different types of loans in Brazil, there is a financial product called a prepurchase financing pool (PPFP) that is generally regarded as the best option for financing or loans. The objective of this article is to use the prepurchase financing pool to show the flaws of IRR in financial analysis. In particular, when IRR is used to evaluate the prepurchase financing pool, one finds problems of reliability regarding (i) existence, (ii) uniqueness, and (iii) economic interpretation of the rate. The results show that the prepurchase financing pool is relevant evidence that the IRR flaws are found in financial products.     

Financial constraints and firm post-entry performance

Firms finance production by internally generated funds and external loans. The benefits of leverage, however, come with a cost. This cost is related to the uncertainty banks face about the firm's quality and output price. As time evolves banks learn about the firm and adjust the terms of the loan contract. Because of this, firms do not have equal access to credit: small, young firms face greater binding debt constraints than more mature firms with well-known prospects. The firm survival rate, as well as the firm rate of growth, are, therefore, important issues in analyzing firm post-entry performance.     

施工企业筹资成本与工程造价的关系

目前,我国的建筑市场基本是卖方市场,施工企业为了承包工程绝大部分是在垫资施工,这就使得施工企业背上了沉重的财务负担。本文从施工企业垫资施工入手,分析垫资的危害及施工企业的筹资的原因,进而分析施工企业的筹资成本与项目工程造价之间的关系,通过分析得到施工企业的筹资成本对项目的工程造价有很大的影响,最后提出了几种解决我国建筑市场上这种不合理现象的措施,对于企业工程项目管理人员进行工程项目成本管理有一定的参考作用。     

集群企业合作隐性契约的博弈分析

以弹性化和专业化为主要特点的集群内企业的合作是集群得以健康发展的关键。要保证企业间高效的合作就必须有强有力的制度保障。在新制度经济学的视角下．当企业选择签订长期契约代替一体化经营时，可以采用显性契约和隐性契约两种方案。由于契约的非完备性和未来的不确定性，提高了显性契约的实施成本。因此．基于集群企业间合作的隐性契约在规范集群企业行为方面提供了强有力的保证。本文运用完全信息和不完全信息下的动态博弈理论对防止集群企业机会主义行为的隐性契约进行了博弈分析．阐释了隐性契约运行的内在机理，并在此基础上对如何规范集群内企业的合作行为提出了具有实践指导和可操作性的政策建议。     

我国企业资本结构二元化趋势研究

我国上市公司凭借其上市的优势更多地依赖于股权融资方式，而非上市公司尤其是中小企业，只能通过银行贷款或内部积累融入资金，从而使不同的企业组织形成了股本注入为主与债务注入为主的二元化资本结构。要转变资本结构的二元化趋势，需要建立多层次的资本市场体系，调整失衡的公司治理结构，优化企业资金结构，并通过建立新型的银企关系解决中小企业融资难的问题。     

The Termination of Subprime Hybrid and Fixed‐Rate Mortgages

Adjustable‐rate and hybrid loans have been a larger component of subprime mortgage lending in the mortgage market than prime lending. The typical adjustable‐rate loan in subprime is a hybrid of fixed and adjustable characteristics in which the first 2 years are fixed and the remaining 28 years adjustable. Hybrid loans terminate at elevated probabilities even before the first adjustment date. Hybrid loan terminations are sensitive to interest rates and teaser rates (payment shocks). Default probabilities increase dramatically when payment shocks are mixed with low or no equity in the home. This is the mixture of events that helped to trigger the 2007/2008 subprime mortgage crisis.     

Thy Neighbor’s Mortgage: Does Living in a Subprime Neighborhood Affect One’s Probability of Default?

This article focuses on the potential externalities associated with subprime mortgage origination activity. Specifically, we examine whether negative spillover effects from subprime mortgage originations result in higher default rates in the surrounding area. Our empirical analysis controls for loan characteristics, house price changes and alternative loan products. Our results indicate that, after controlling for these characteristics, the concentration of subprime lending in a neighborhood does not lead to greater default risks for surrounding borrowers. However, we do find that more aggressive mortgage products (such as hybrid adjustable rate mortgages and low/no‐documentation loans) had significant negative spillovers on other borrowers. Stated differently, the aggressive alternative mortgage designs were more toxic to the housing and mortgage market than previously believed.     

P2P网上借贷流行

这种借贷方式,在活跃了个人金融的同时,也需要细化监管。随着经济形势进一步恶化,越来越多的企业或者个人开始陷入现金匮乏的窘境,而银行却为降低坏账而加速紧缩银根,私人借贷步入到前所未有的困难时期。即便是最近紧急出炉的"金融国九条",也没能为此提供任何的解决之道。就在此时,一种专门为自然人之间提供相互借贷的网站,却悄然流行起来。     

融资结构对创业板公司业绩影响的实证研究

融资结构可分为债务融资和股权融资,债务融资又有不同融资成本、不同融资途径、不同债务期限。债务融资下融资成本、融资途径、债务期限和股权融资与企业绩效有何关系呢？基于此,本文运用2010～2015年创业板上市公司实证研究债务融资和股权融资对公司绩效的影响。研究结果表明：股权融资与公司业绩正相关;债务融资下资产负债率、债务期限结构与公 司业绩正相关,而银行借款率与公司业绩负相关。     

Startups versus incumbents in ‘green’ industry transformations: A comparative study of business model archetypes in the electrical power sector

Scholars have recently argued that startups and incumbents play differential roles in the disruptive transformations of industries toward sustainability and that the transformations are only likely to succeed if both startups and incumbents contribute. To understand their respective contributions and, thus, to understand how industries make the transition toward sustainability, comparative studies of incumbents versus startups during this transformation have been identified as a central pursuit, but yet they are mostly lacking. Since business models have become a principal way of characterizing firms, the present study takes a business model perspective and derives business model archetypes in the electrical power sector from an analysis of 280 startups and incumbents in three different countries. The selected countries (USA, UK, and India) represent three different energy profiles and leading instances of disruption in the energy sector. The article, then, undertakes a comparative analysis of startups and incumbents based on the empirically distilled business model archetypes and develops propositions on startups, incumbents, and business models in industry transformations. This analysis produces several important insights. First, incumbents do not seem to engage in less business model experimentation than startups. Second, incumbents have adopted several new business models that are not pursued by startups. Third, startups have espoused some business models that are not pursued by incumbents. Fourth, foreign firms can also affect the ‘green’ transformation of an industry in a focal country. Finally, the identified business model archetypes are likely to be of interest to scholars and practitioners who are seeking an improved understanding of business models in the electrical power industry and the industry's competitive landscape.     

地方政府债务的挤出效应:基于企业杠杆操纵的证据

地方政府债务对微观经济实体的挤出效应是当前制约中国经济迈向高质量发展阶段的长期性、结构性和体制性问题。迫于地方政府债务扩张对信贷资源的挤占,企业有较强的动机通过粉饰真实杠杆率来增强外部融资能力。基于城市层面的政府债务数据,本文研究了地方政府债务对上市公司杠杆操纵行为的影响。结果表明,地方政府债务扩张显著加剧了企业的杠杆操纵程度,可能导致企业存在虚假降杠杆的情况。考虑内生性问题以及进行一系列稳健性检验后结论依然成立,并且地方政府债务对企业杠杆操纵行为的影响在非公开发行债务占比更大、财政分权与财政压力程度更大的样本中体现得更为明显。进一步研究发现,地方政府债务加剧企业杠杆操纵的结果主要见诸于企业融资约束更强、债务结构更依赖银行贷款、预算硬约束和信息不对称更大的样本。经济后果检验表明,面对地方政府债务扩张,杠杆操纵提升了企业信贷融资能力,但也加剧了企业未来债务违约风险。本文的研究不仅从杠杆操纵的视角为地方政府债务的挤出效应提供了新的证据,也为积极稳妥处理地方政府债务风险、防止企业虚假降杠杆提供了有益的政策启示。     

商业银行房地产项目放贷初始决策研究

信贷业务是商业银行利润的主要来源,也是银行管理和决策中最复杂、最困难的金融业务之一,具备一个良好贷款资产结构和拥有大量较强盈利能力贷款资产是商业银行核心竞争力的重要体现之一.文章从银行视角出发,对房地产项目的放贷问题进行投资分析,由于该决策具有刚性,故传统投资分析方法足够对其评价;对某房地产新项目实例进行计算分析,采用以资本资产定价模型为基础的适用新模型确定折现率,取得了较好的效果,具有一定的现实应用意义.     

激励不足：下岗失业人员小额担保贷款的运行壁垒

小额担保贷款是促进再就业的有效途径之一,但由于其在运行中贷款对象的经营能力与贷款期限的不对称,贷款人的收益与风险的不对称,担保机构的责任与收益不对称,使得三个利益主体都存在激励不足,小额担保贷款在很多地区没能发挥预期作用。针对这一现象,文章作者提出相应的对策以促进小额担保贷款业务的开展,进而从根本上发挥其促进再就业的作用．