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- All HBS Web (29)
- Faculty Publications (5)
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- 23 Jul 2024
- Research & Ideas
Forgiving Medical Debt Won't Make Everyone Happier
The solution seems obvious. Forgiving medical debt should ease both financial and emotional burdens for the two in five people in the US who carry it. Yet a new comprehensive study that tracked more than...
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- June 2019
- Article
Consequences of Debt Forgiveness: Strategic Default Contagion and Lender Learning
By: Gerardo Pérez Cavazos
I use a unique data set of loans to small business owners to examine whether lenders face adverse consequences when they grant debt forgiveness to borrowers. I provide evidence consistent with borrowers communicating their debt forgiveness to other borrowers, who then...
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Keywords:
Debt Forgiveness;
Strategic Default Contagion;
Contracting;
Borrowing and Debt;
Communication;
Learning
Pérez Cavazos, Gerardo. "Consequences of Debt Forgiveness: Strategic Default Contagion and Lender Learning." Journal of Accounting Research 57, no. 3 (June 2019): 797–841.
- 22 May 2019
- Research & Ideas
Forgiving Student Loan Debt Leads to Better Jobs, Stronger Consumers
Kalda, and Vincent W. Yao of Georgia State University. The paper shines a light on a student debt crisis that Democratic presidential hopefuls have called a national emergency. Sen. Elizabeth Warren has proposed View Details
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by Dina Gerdeman
- 2019
- Working Paper
Second Chance: Life with Less Student Debt
By: Marco Di Maggio, Ankit Kalda and Vincent Yao
Rising student debt is considered one of the creeping threats of our time. This paper examines the effect of student debt relief on individual credit and labor market outcomes. We exploit the plausibly random debt discharge due to the inability of National Collegiate,...
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Keywords:
Student Debt;
Private Student Loans;
Legal Settlement;
Mobility;
Debt Collection;
Debt Relief;
Borrowing and Debt;
Personal Finance;
Outcome or Result;
United States
Di Maggio, Marco, Ankit Kalda, and Vincent Yao. "Second Chance: Life with Less Student Debt." Working Paper, May 2019. (Forthcoming in The Journal of Finance.)
- Forthcoming
- Article
Second Chance: Life with Less Student Debt
By: Marco Di Maggio, Ankit Kalda and Vincent Yao
This paper examines the effect of student debt relief on individual credit and labor market outcomes. We exploit an episode of plausibly random debt discharge due to the loss of paperwork for thousands of borrowers to examine the effects of private student debt relief...
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Keywords:
Student Debt;
Private Student Loans;
Legal Settlement;
Mobility;
Debt Collection;
Debt Relief;
Personal Finance;
Borrowing and Debt;
Outcome or Result
Di Maggio, Marco, Ankit Kalda, and Vincent Yao. "Second Chance: Life with Less Student Debt." Journal of Finance (forthcoming).
- 2023
- Working Paper
Saving and Consumption Responses to Student Loan Forbearance
By: Justin Katz
How do households adjust savings and consumption in response to liquidity from debt relief? I study this question using policy variation induced by federal student loan forbearance in the 2020 CARES Act and an individual-level panel of daily financial transactions
for...
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Keywords:
Saving;
Consumer Behavior;
Borrowing and Debt;
Interest Rates;
Financial Liquidity;
Personal Finance;
Government Legislation
Katz, Justin. "Saving and Consumption Responses to Student Loan Forbearance." SSRN Working Paper Series, January 2023.
- 23 Nov 2020
- Research & Ideas
COVID Was Supposed to Increase Bankruptcies. Instead, They've Gone Down.
another piece of the social safety net, Kluender says. “Large corporations are not afraid to take advantage of the benefits of the generous debt forgiveness or reorganization that we have available through...
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by Rachel Layne
- 16 Jul 2020
- Research & Ideas
Restaurant Revolution: How the Industry Is Fighting to Stay Alive
policies with exclusions. Thanks, but no thanks to bailouts Our panelists expressed frustration with government aid programs, such as the US CARES Act and its Paycheck Protection Program (PPP) enacted in late March. Although designed to help small businesses with View Details
- 28 May 2020
- Research & Ideas
Coronavirus Could Create a 'Bankruptcy Pandemic'
Forgiving Student Loan Debt Leads to Better Jobs, Stronger Consumers On balance, is Chapter 11 bankruptcy protection good for the American economy? Share your insights below.
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- 02 Jun 2011
- What Do You Think?
Is it Time for a National Bankruptcy?
nation's debt? they are the ones who chose the representatives." As an alternative to insolvency, forgiveness of debt combined with other measures had appeal for several respondents. Yadeed Lobo, while...
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by Jim Heskett
- 18 Dec 2018
- First Look
New Research and Ideas, December 18, 2018
of Debt Forgiveness: Strategic Default Contagion and Lender Learning By: Pérez Cavazos, Gerardo Abstract—I use a unique data set of loans to small business owners to examine whether lenders face adverse consequences when they grant View Details
Keywords:
Dina Gerdeman
- 13 Oct 2015
- First Look
October 13, 2015
private information with borrowers. When lenders grant debt forgiveness to borrowers, borrowers communicate that information to other borrowers, who are then more likely to strategically default on their own...
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- 25 Jun 2013
- First Look
First Look: June 25
too little influence to structural and situational factors. We examine whether this tendency leads even experienced professionals to make systematic mistakes in their selection decisions, favoring alumni from academic institutions with high grade distributions and...
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Keywords:
Anna Secino