Judge Dread: Court severity, repossession risk and demand in mortgage and housing markets
利用地方法官偏好的差异导致房屋被收回风险的变化，研究了借款人保护对抵押贷款和住房需求的影响，发现借款人保护降低一个标准差会使借贷和房价下降4.5%。
Abstract We study the impact of borrower protection on mortgage and housing demand using variation in the likelihood that houses are repossessed coming from heterogeneity in preferences of local judges. We develop a framework that provides conditions to identify the impact of repossession risk on housing and credit demand, holding supply fixed. Empirically, we exploit exogenous variation in risk created by boundaries of court catchment areas. We find that a one-standard-deviation decrease in borrower protection decreases borrowing and house prices by 4.5%.