G2TT
来源类型Discussion paper
规范类型论文
来源IDDP7373
DP7373 Do Financial Incentives for Firms Promote Employment of Disabled Workers? A Regression Discontinuity Approach
Josef Zweimüller; Rafael Lalive; Jean-Philippe Wuellrich
发表日期2009-07-19
出版年2009
语种英语
摘要We use survey data to study American households? propensity to default when the value of their mortgage exceeds the value of their house even if they can afford to pay their mortgage (strategic default). We find that 26% of the existing defaults are strategic. We also find that no household would default if the equity shortfall is less than 10% of the value of the house. Yet, 17% of households would default, even if they can afford to pay their mortgage, when the equity shortfall reaches 50% of the value of their house. Besides relocation costs, the most important variables in predicting strategic default are moral and social considerations. Ceteris paribus, people who consider it immoral to default are at 77% less likely to declare their intention to do so, while people who know someone who defaulted are 82% more likely to declare their intention to do so. The willingness to default increases nonlinearly with the proportion of foreclosures in the same ZIP code. That moral attitudes toward default do not change with the percentage of foreclosures is likely to derive from a contagion effect that reduces the social stigma associated with default as defaults become more common.
主题Financial Economics
关键词Foreclosure Moral constraint Mortgage Social constraint Strategic default
URLhttps://cepr.org/publications/dp7373
来源智库Centre for Economic Policy Research (United Kingdom)
资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/536210
推荐引用方式
GB/T 7714
Josef Zweimüller,Rafael Lalive,Jean-Philippe Wuellrich. DP7373 Do Financial Incentives for Firms Promote Employment of Disabled Workers? A Regression Discontinuity Approach. 2009.
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