Description

Nonlocal mortgage lenders with greater exposure to high-growth housing markets accept fewer loan applications in these markets and experience greater stock return volatility. When these lenders expand to high-growth markets, they also ration credit to a significantly greater degree than when they ex-pand to other markets. Mean-variance analyses show that nonlocal lenders' exposure to high-growth markets is associated with more risk, more e�

More publications in this series: Working Papers

More publications by: Sophia Chen ; Lev Ratnovski ; Yangfan Sun