抵押贷款与现金溢价之谜

IF 7.6 1区经济学 Q1 BUSINESS, FINANCE

Journal of Finance Pub Date : 2024-07-23 DOI:10.1111/jofi.13373

MICHAEL REHER, ROSSEN VALKANOV

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引用次数: 0

摘要

1980 年至 2017 年间，全现金购房者占美国购房人数的三分之一。我们利用多种数据集和研究设计稳健地估计，抵押贷款购房者比全款购房者支付了 11% 的溢价，以补偿卖房者的抵押贷款交易摩擦。一个动态的、具有代表性的卖方模型只意味着 3% 的溢价，这意味着 8% 的谜团。考虑到销售条件的异质性，可以解释这一差异的一半，但在交易风险较高的条件下，谜团依然存在。一项针对美国房主的实验调查复制了这些模式，并表明信念扭曲可以解释这些高风险状态下的谜题。

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The Mortgage-Cash Premium Puzzle

All-cash homebuyers account for one-third of U.S. home purchases between 1980 and 2017. We use multiple data sets and research designs to robustly estimate that mortgaged buyers pay an 11% premium over all-cash buyers to compensate home sellers for mortgage transaction frictions. A dynamic, representative-seller model implies only a 3% premium, which would suggest an 8% puzzle. Accounting for heterogeneity in selling conditions explains half of this difference, but a puzzle holds in conditions with high transaction risk. An experimental survey of U.S. homeowners replicates these patterns and suggests that belief distortions can explain the puzzle in these high-risk states.

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来源期刊

Journal of Finance Multiple-

CiteScore

12.90

自引率

2.50%

发文量

期刊介绍： The Journal of Finance is a renowned publication that disseminates cutting-edge research across all major fields of financial inquiry. Widely regarded as the most cited academic journal in finance, each issue reaches over 8,000 academics, finance professionals, libraries, government entities, and financial institutions worldwide. Published bi-monthly, the journal serves as the official publication of The American Finance Association, the premier academic organization dedicated to advancing knowledge and understanding in financial economics. Join us in exploring the forefront of financial research and scholarship.