Mortgage Default in Local Markets
利用最新理论和都市面板数据，检验了基于或有债权的抵押贷款违约模型，发现交易成本和触发事件对违约有重要影响，并指出数据聚合和短样本期会影响推断。
Using recent theoretical advances and an extensive panel data set on metropolitan areas, this study provides new tests of the contingent claims based model of default. The empirical modeling incorporates a full complement of variables that permit direct tests of the options‐based model including the conditional effects of age and rent‐to‐price ratios. The role of transaction costs and trigger events is examined, and the results confirm the importance of both. The effects of aggregation and short sample periods are explored and demonstrated to affect inference in studies of mortgage default.