The recent literature advances a hypothesis that addresses the possibility of mortgage redlining caused by a dynamic information externality in property appraisals and mortgage lending. In particular, Lang and Nakamura (1993) hypothesize that because property appraisals depend on past transactions, appraisals in neighborhoods where transactions were infrequent tend to be less precise. The greater uncertainty about house valuation in such neighborhoods can lead mortgage lenders to impose stringent requirements on borrowers. Lang and Nakamura's article, like most economic analysis of property appraisals, is theoretical. Using a sample of mortgages purchased by Fannie Mae, we present preliminary research results that cast doubt on appraisal behavioral rules such as weighted averages or backward-looking expectations on which Lang and Nakamura and other theoretical studies are based. Instead, our results refocus attention on the moral hazard issues of appraisal. We find that in more than 80 percent of the cases, the appraisal is between 0 and 5 percent above the transaction purchase price, in only 5 percent of the cases is the appraisal lower, and in 30 percent of the cases, the appraisal and transaction prices are identical. It would take a strong statistical model to generate such occurrences. Our resutls also indicate that appraisal outcomes are used as a risk factor with different weights for loans with different characteristics (loan-to-value ratios and house prices). The results suggest that more empirical investigation of appraisal practices be conducted to verify the validity of conventional wisdom embedded in theoretical studies, and we offer an econometric framework toward this end. 相似文献
This article empirically investigates the sources of housing demand differences between racial (black and white) and ethnic (Hispanic and non-Hispanic) groups. We estimate the tenure-adjusted housing demand equations from the 1989 American Housing Survey (AHS) national sample data and measure the effects of different sources for demand disparities in housing demand, but much less so in explaining racial differences in housing demand. Specifically, 98% (96%) of the housing demand differences between Hispanic and non-Hispanic owners (renters) is due to differences in group endowments. For the racial groups, 29% (51%) of the housing demand differences between black and white owners (renters) is attributable to differences in group endowments. The residual differences explain 71% and 49% of the black-white differentials for owners and renters, respectively. The residual components in our model capture the effect of institutional and structural factors intrinsic to the housing market (such as racial discrimination or residential segregation) and/or the influence of important omitted or harder-tomeasure variables correlated with race or ethnicity (such as wealth, employment history, credit history, and cultural differences in housing consumption). 相似文献
This paper presents an empirical investigation of the importance of specialized assets and other unique characteristics of a firm in explaining the variance in capital structure across firms. The results show that firm-specific effects contribute most to the variance in leverage, suggesting a strong link between strategy and capital structure. 相似文献
Portfolio balance models of exchange rate dynamics generally neglect diversification in internationally traded goods. They thereby avoid a difficulty in demonstrating that models allowing such diversification are not globally unstable, as highlighted by Dornbusch and Fischer (1980). This note shows that simple perfect foresight versions of traditional endogenous terms of trade models are unambiguously characterized by saddlepoint stability. 相似文献
This study was carried out to assess the effect of storage of cassava roots in polyethylene sacks for periods of 2, 4, 6 and 8 weeks on the sensory characteristics of cassava fufu, a popular Ghanaian dish. Freshly harvested cassava roots were dipped in tap water and packed into polyethylene sacks in 2‐kg batches and stored at room temperature (25°C ± 1°C). Samples of fresh cassava fufu were evaluated and then at two weekly intervals for a period of 8 weeks. Attributes evaluated were colour, smell, elasticity, smoothness and taste. A structured six‐point ranking scale ranging from 6 (excellent) to 1 (very poor) was used for the evaluation. The data were analysed using analysis of variance, and the least significance difference test at P < 0.05 was used to determine differences between means. The results showed that storage of cassava roots for up to 8 weeks did not significantly affect the colour, smell, elasticity and taste of cassava fufu. However, smoothness of fufu prepared with cassava stored for 6 and 8 weeks was significantly different from the samples of the fresh cassava, and those stored for 2 and 4 weeks. It was concluded that cassava roots stored for periods up to 8 weeks in polyethylene sacks produced fufu of similar characteristics as fresh cassava fufu. This method is therefore recommended for use by homemakers, food service operators, cassava retailers and processors to save them time, energy and money used for the frequent trips for purchases. The method would also reduce post‐harvest losses to a large extent. 相似文献
This exploratory study examines awareness of the other party's instrumental, terminal, and work values by members of supervisor and employee dyads. Subjective estimates of value congruence, provided by either member of the dyad, correlated with actual value congruence scores determine conscious awareness levels in all cases. Results demonstrate supervisory awareness of employee terminal values, but not work values or instrumental values, even though these latter value types probably possess the greatest relevance to achieving organizational goals. Further, employees possess awareness of supervisor work values but not instrumental or terminal values. These findings challenge traditional assumptions underlying the functionalism position on organizational culture that appears in the literature most frequently read by practicing managers. 相似文献
Background: Calcineurin inhibitors (CNIs) represent the cornerstone of immunosuppressive therapy after liver transplantation. A recent network meta-analysis (NMA) evaluated the relative efficacy of CNIs ciclosporin, prolonged-release (PR) tacrolimus, and immediate-release (IR) tacrolimus in adult liver transplant recipients based on randomized and large observational trials published since 2000. Based on the NMA findings, the present study evaluated the cost-utility of PR tacrolimus relative to ciclosporin or IR tacrolimus in liver transplant recipients in the UK.
Methods: A Markov model was developed to evaluate the cost-utility of immunosuppressive regimens in liver transplant recipients, capturing costs associated with immunosuppression, retransplantation, acute rejection (AR), and cytomegalovirus infection. Mortality, graft loss, and AR odds ratios were derived from the NMA. Costs were taken from the British National Formulary and the NHS National Tariff and expressed in 2016 pounds sterling. Future costs and effects were discounted at 3.5% annually.
Results: Over 25 years, PR tacrolimus resulted in increased life expectancy and quality-adjusted life expectancy (QALE) relative to IR tacrolimus and ciclosporin. Relative to ciclosporin, QALE increased by 1.17 quality-adjusted life years (QALYs) with PR tacrolimus while costs increased by GBP £4645, yielding an incremental cost-effectiveness ratio (ICER) of £3962 per QALY gained. Relative to IR tacrolimus, QALE increased by 0.78 QALYs and costs by £1474, resulting in an ICER of £1889 per QALY gained. Sensitivity analysis showed the analysis to be most sensitive to dosing assumptions.
Conclusions: Based on a UK-specific analysis of the projected cost-utility of PR tacrolimus relative to IR tacrolimus and ciclosporin, PR tacrolimus was cost-effective, improving life expectancy and QALE relative to both IR tacrolimus and ciclosporin, yielding ICERs below £20 000 per QALY gained. The main limitations of the study were data source heterogeneity and omitting the economic and clinical effects of treating aspects of recurrent liver disease. 相似文献
Prior research indicates that consumers may base their retail decisions (e.g., store choice, purchase quantity) on price image, which has been defined as consumer perceptions “of the aggregate price level of a retailer” (Hamilton and Chernev 2013, p. 2). The present research shows that consumers associate different price images not only with specific retailers, but more broadly with various store formats — such as grocery stores, convenience stores, and specialty stores. Six studies provide evidence that store-format price image exerts influence on consumer price expectations and store choice decisions, and that these retailer categorization effects are distinct from the effects of retailer price image. 相似文献
Observed mortgage prepayment and default rates have been far different than the ruthless option exercise rates predicted by contingent claims models of mortgage pricing. The discrepancies have been attributed to both the competing-risk nature of prepayment and default and to transactions costs. This paper tries a different means of reconciliation. We introduce a third stochastic process, household income, into the usual pricing model that includes only the spot interest rate and the house price. The presence of income allows considering consumption-theoretic determinants of termination. The role of mortgage underwriting rules in restricting optimal prepayment is also explicitly modeled. Numerical ex ante prepayment and default rates based on the theoretical model come much closer to historical experience. 相似文献