Fracking Disclosure, Collateral Value, and the Mortgage Market
研究发现，要求油气公司披露压裂作业所用化学品的法规，降低了附近房产抵押品价值的不确定性，使获得抵押贷款的概率提高2.5个百分点，贷款价值比提高2.2个百分点。
ABSTRACT This paper examines whether laws requiring oil and gas firms to disclose the chemicals used in their fracking operations affect the mortgage lending activity for properties located in nearby areas. I hypothesize and find that the disclosure mandate reduces uncertainty about the value of housing collateral and subsequently increases (1) the probability of obtaining a mortgage by 2.5 percentage points (pp), and (2) loan-to-value by 2.2 pp. My main analyses exploit the variation in the location of properties relative to fracking wells. Cross-sectional tests that exploit heterogeneity in drinking water sources and the content of firm disclosures further substantiate my inferences and mitigate endogeneity concerns. These findings suggest that disclosure regulation for oil and gas firms affects housing collateral values, thereby impacting the mortgage market. JEL Classifications: G14; G21; G32; G38; K22; L71; M41; M48.