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Full-Text Articles in Business
Subprime Refinancing: Equity Extraction And Mortgage Termination, Anthony Pennington-Cross, Souphala Chomsisengphet
Subprime Refinancing: Equity Extraction And Mortgage Termination, Anthony Pennington-Cross, Souphala Chomsisengphet
Finance Faculty Research and Publications
This article examines the choice of borrowers to extract wealth from housing in the high-cost (subprime) segment of the mortgage market and assesses the prepayment and default performance of these cash-out refinance loans relative to the rate of refinance loans. Consistent with survey evidence, the propensity to extract equity is sensitive to the relative interest rates of other forms of consumer debt. After the loan is originated, results indicate that cash-out refinances perform differently from non-cash-out refinances. For example, cash-outs are less likely to default or prepay, and the termination of cash-outs is more sensitive to changing interest rates and …
Integrating Employment Contracts And Comparisons: What One Can Teach Us About The Other, Bonnie S. O'Neill, Jonathon R. B. Halbesleben, John C. Edwards
Integrating Employment Contracts And Comparisons: What One Can Teach Us About The Other, Bonnie S. O'Neill, Jonathon R. B. Halbesleben, John C. Edwards
Management Faculty Research and Publications
This study examines the events that trigger individuals to consider the social exchanges involved in their employment relationships. Integrating social comparison and psychological contract literature streams, a parallel is drawn between system-referent comparisons and psychological contract evaluations. We hypothesize that self- and other-referent comparisons may be human triggers for engaging in this type of comparison. A variety of structural triggers are also proposed to influence psychological contract evaluations. This field study examines these primary and secondary contract makers as social comparison triggers. Results support the hypotheses that the triggers identified predict psychological contract evaluation and that psychological contract …
Psychological Influences On Referent Choice*, Bonnie S. O'Neill, Mark A. Mone
Psychological Influences On Referent Choice*, Bonnie S. O'Neill, Mark A. Mone
Management Faculty Research and Publications
This article discusses the psychological influences on referent selection. The nature of contemporary work environments, ones characterized by instability and uncertainty, may create increased needs on the part of individuals for comparative information. Individuals use social comparisons for managing both uncertainty and environmental change, and for making critical decisions about one's job. Most literature on referent selection can be categorized along two basic schema: identification of the types of referents that exist and examination of the outcomes that result from referent selection. Studies have identified a multitude of potential referents, primarily drawn from the outcomes being examined, including pay …
Underreporting Of Chargeable Time: The Impact Of Gender And Characteristics Of Underreporters, Michael D. Akers, Tim V. Eaton
Underreporting Of Chargeable Time: The Impact Of Gender And Characteristics Of Underreporters, Michael D. Akers, Tim V. Eaton
Accounting Faculty Research and Publications
No abstract provided.
Extension Risk In Commercial Mortgages, Charles C. Tu, Mark Eppli
Extension Risk In Commercial Mortgages, Charles C. Tu, Mark Eppli
Finance Faculty Research and Publications
Historical data and Monte Carlo simulation is used to examine the likelihood of loan extension and potential losses associated with extension. It is found that extension probability is highly sensitive to property NOI growth, to NOI volatility, to the amortization schedule, and to the loan term. It is found that extension risk is largely unaffected by changing credit spreads, changing yield curve assumptions, and changing term default assumptions. It is found that changing the underwriting standards affects the probability of loan extension in a somewhat muted way. It is estimated that the loss during extension is approximately 2%-3% of the …
How Critical Is A Good Location To A Regional Shopping Center?, Mark Eppli, James D. Shilling
How Critical Is A Good Location To A Regional Shopping Center?, Mark Eppli, James D. Shilling
Finance Faculty Research and Publications
The goal of this paper is to empirically measure the consumer utility trade-off between store location (i.e., distance to a shopping center) and retail agglomeration in regional shopping centers. Using the Lakshmanan and Hansen retail expenditure model, our findings reveal that the distance specification is of surprisingly little importance in explaining retail sales. Conversely, agglomeration economies were of significant importance in explaining consumer patronage at regional shopping centers. The implication of these results is that smaller regional shopping centers may be dominated by large super-regional shopping centers with the smaller one or two anchor regional shopping centers unable to compete …