劳动力流动和贷款发放

IF 3.9 2区经济学 Q1 Economics, Econometrics and Finance

Journal of Financial and Quantitative Analysis Pub Date : 2023-05-11 DOI:10.1017/s0022109023000649

Sumit Agarwal, Yupeng Lin, Yunqi Zhang, Zilong Zhang

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引用次数: 1

摘要

摘要:我们发现抵押贷款产生于不可避免披露原则(IDD;抑制信贷员劳动力流动的机制具有较低的违约概率、较高的贷款修改率和较低的止赎率。这些影响并不伴随着任何贷款供应的减少，并有助于更稳定的房价。采用《统一商业秘密法》作为另一种识别方法可以产生一致的结果。总体而言，我们的研究结果表明，限制信贷员的劳动力流动可以更好地进行事前筛选和事后监测，从而提高美国住房抵押贷款的发放效率。

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Labor Mobility and Loan Origination

Abstract We find that mortgage loans originated after the adoption of the inevitable disclosure doctrine (IDD; a mechanism discouraging loan officers’ labor mobility) have a lower default probability, a higher loan modification rate, and a lower foreclosure rate. These effects are unaccompanied by any reduction in loan supply and contribute to more stable housing prices. Using the adoption of the Uniform Trade Secrets Act as an alternative identification generates consistent results. Overall, our findings suggest that restricting loan officers’ labor mobility leads to better ex ante screening and ex post monitoring, improving the origination efficiency for U.S. residential mortgage loans.

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来源期刊

Journal of Financial and Quantitative Analysis Multiple-

CiteScore

6.60

自引率

5.10%

发文量

131

期刊介绍： The Journal of Financial and Quantitative Analysis (JFQA) publishes theoretical and empirical research in financial economics. Topics include corporate finance, investments, capital and security markets, and quantitative methods of particular relevance to financial researchers. With a circulation of 3000 libraries, firms, and individuals in 70 nations, the JFQA serves an international community of sophisticated finance scholars—academics and practitioners alike. The JFQA prints less than 10% of the more than 600 unsolicited manuscripts submitted annually. An intensive blind review process and exacting editorial standards contribute to the JFQA’s reputation as a top finance journal.