We use quasi-random access to the Home Affordable Refinance Program (HARP) identify causal effect of refinancing into a lower-rate mortgage on borrower balance sheet outcomes. Refinancing substantially reduces default rates mortgages and other debt. also causes borrowers expand their debt instruments, such as auto loans, home equity lines, consumer debts that are proxies for spending. Borrowers...

the present study surveys the effect of bank-specific, industry-specific and macroeconomic conditions on bank performance to examine the structure-conduct-performance (scp) hypothesis in iranian banking industry. to achieve this goal, we drew upon the panel data technique to analyze the data of eleven public and private iranian banks during 2001-2006. firstly, productivity was calculated by usi...

Trading frictions in financial markets affect more long-term than short-term bonds, generating an upward-sloping yield curve. Long-term financing is expensive economies with higher trading so firms choose to borrow and invest shorter horizons lower productivity projects. The theory guides a new identification of the slope liquidity spread data. We measure calibrate model for United States, coun...

Expanding credit access in developing contexts could help some households while harming others. Microcredit studies show different effects at quantiles of household profit, including negative effects; yet these findings also differ across studies. I develop new Bayesian hierarchical models to aggregate the evidence on distributional for mixture-type outcomes such as profit. Applying them microc...

Abstract We document novel evidence on the spillover effect of a corporate control regulation local mortgage markets. find that banks directly targeted by Sarbanes-Oxley Act (SOX) to rectify their internal weaknesses reduce originations following regulation’s enactment. This causes credit be reallocated toward other in same markets: while competing public expand lending safer borrowers, private...

Lund, Mette, Leslie Kang, Niels Tygstrup, Allan W. Wolkoff, and Peter Ott. Effects of LPS on transport of indocyanine green and alanine uptake in perfused rat liver. Am. J. Physiol. 277 (Gastrointest. Liver Physiol. 40): G91– G100, 1999.—Lipopolysaccharide (LPS) initiates cholestasis. Whether this process is mediated by tumor necrosis factor-a (TNF-a) and whether the cholestatic response to LPS...

Horská, Alena, Larry J. Brant, Donald K. Ingram, Richard G. Hansford, George S. Roth, and Richard G. S. Spencer. Effect of long-term caloric restriction and exercise on muscle bioenergetics and force development in rats. Am. J. Physiol. 276 (Endocrinol. Metab. 39): E766–E773, 1999.—We evaluated the hypothesis that long-term caloric restriction and exercise would have beneficial effects on muscl...