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  • September 2021
  • Article

Did Technology Contribute to the Housing Boom? Evidence from MERS

By: Stefan Lewellen and Emily Williams
We examine the effects of the Mortgage Electronic Registration System, or MERS, on mortgage origination volumes and foreclosure rates prior to the Great Recession. MERS was introduced in the late 1990s and significantly reduced the cost and time associated with... View Details
Keywords: Credit Supply; Housing Boom; Financial Innovation; Nonbank Lenders; Mortgages; Credit; Expansion; Information Technology; Outcome or Result
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  • November 2017
  • Article

Credit-Induced Boom and Bust

By: Marco Di Maggio and Amir Kermani
Can a credit expansion induce a boom and bust in house prices and real economic activity? This paper exploits the federal preemption of national banks in 2004 from local laws against predatory lending to gauge the effect of the supply of credit on the real economy.... View Details
Keywords: Great Recession; Subprime; Credit Supply; Credit Expansion; Household Leverage; Household Debt; Preemption Rule; Mortgages; Laws and Statutes; Credit; Household; Borrowing and Debt; Economic Slowdown and Stagnation
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  • 2018
  • Working Paper

Bank Risk-Taking and the Real Economy: Evidence from the Housing Boom and Its Aftermath

By: Antonio Falato, Giovanni Favara and David Scharfstein
The short-termism of lenders amplifies boom-bust credit cycles, leading in turn to real costs for the aggregate economy. During the U.S. housing credit boom, publicly-traded banks increased mortgage lending activity and relaxed standards much more than privately-held... View Details
Keywords: Risk and Uncertainty; Financial Markets; Investment; Corporate Finance; Banks and Banking
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  • 07 Sep 2010
  • News

China: Looking beyond the boom

  • Forthcoming
  • Article

Bank Risk-Taking and the Real Economy: Evidence from the Housing Boom and Its Aftermath

By: Antonio Falato, Giovanni Favara and David Scharfstein
We present evidence that pressure to maximize short-term stock prices and earnings leads banks to increase risk. We start by showing that banks increase risk when they transition from private to public ownership through a public listing or an acquisition. The increase... View Details
Keywords: Ownership Type; Risk and Uncertainty; Financial Markets; Banks and Banking; Transition; Price
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  • 2011
  • Chapter

The Economics of Housing Finance Reform

By: David S. Scharfstein and Adi Sunderam
This paper analyzes the two leading types of proposals for reform of the housing finance system: (i) broad-based, explicit, priced government guarantees of mortgage-backed securities (MBS) and (ii) privatization. Both proposals have drawbacks. Properly-priced... View Details
Keywords: Economics; Housing; Governing Rules, Regulations, and Reforms; Policy; Government and Politics
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  • 20 Mar 2000
  • Research & Ideas

No Place Like Home: America’s Housing Crisis and Its Impact on Business

In many parts of the country, housing costs and shortages have begun to show signs of adversely affecting corporations, workers, and local economies. Affordable housing — such as Boston's Orchard Gardens, —... View Details
Keywords: by Garry Emmons; Construction; Real Estate
  • Web

The Forgotten Real Estate Boom - Bubbles, Panics & Crashes – Historical Collections – Harvard Business School

madness that consumed Florida investors: city lots in Miami were bought and sold as many as ten times in a single day. The received wisdom holds that a 1926 hurricane pricked the bubble, but house price indices and construction data... View Details
  • Web

Doing Business with China: Early American Trading Houses - A Chronicle of the China Trade

Related Collections Site Credits The China house was ultimately a go-between, an economic mediator spanning both geographic and cultural distance. — Stephen Lockwood, Augustine Heard and Company , 1858-1862 2 Doing Business with China:... View Details
  • 24 Feb 2011
  • Research & Ideas

What’s Government’s Role in Regulating Home Purchase Financing?

The collapse of the US housing finance system, the subprime mortgage crisis, was a key contributor to the international economic crisis ignited in 2008. What should government do to prevent such an economic short-circuit in the future? On... View Details
Keywords: by Sean Silverthorne; Financial Services
  • September 2024
  • Case

Faena: Magic in Mid-Miami Beach

By: Robin Greenwood, Denise Han, Dave Habeeb and Ruth Page
The link to this multimedia case should be provided to students in advance as preparation for classroom case discussion.

This multimedia case follows real estate developer Alan Faena as he expanded his luxury development business from Argentina to the... View Details
Keywords: Development; Real Estate; Hotels; Luxury; Urban Development; Sustainable Cities; Design; Markets; Transformation; Cost vs Benefits; Economic Growth; Private Sector; Public Sector; Economic Slowdown and Stagnation; Cultural Entrepreneurship; Financial Strategy; Investment Return; Geographic Location; Urban Scope; Corporate Accountability; Collaborative Innovation and Invention; Business and Community Relations; Business and Government Relations; Opportunities; Culture; Value Creation; Real Estate Industry; Entertainment and Recreation Industry; Florida; Miami; Argentina; Buenos Aires
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  • 26 Jan 2015
  • Working Paper Summaries

The Rise and Fall of Demand for Securitizations

Keywords: by Sergey Chernenko, Samuel G. Hanson & Adi Sunderam
  • 2019
  • Article

The Social Desirability of Offshoring: A Swiss Consensus (1945–1975)

By: Sabine Pitteloud
This article focuses on the evolution of the rhetoric and practice of corporate offshoring in Switzerland from the post-war economic boom to the industrial crisis in the mid-seventies. The virtue of a historical perspective on the issue of offshoring is to show how... View Details
Keywords: Multinationals; Offshoring And Outsourcing; Relocation; Labor Relations; Multinational Firms and Management; Labor and Management Relations; Job Cuts and Outsourcing; Switzerland
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  • 06 Dec 2011
  • First Look

First Look: Dec. 6

behavior. Then we can understand that rationality also includes things that were once considered irrational, such as altruism or sacrifice in the interest of the greater good. The Economics of Housing Finance Reform Authors:David S.... View Details
Keywords: Sean Silverthorne
  • Web

Bankruptcy | Baker Library | Bloomberg Center | Harvard Business School

low credit ratings. In the 2000s, the Federal Reserve’s low interest rates along with legislation such as the 2003 American Dream Downpayment Assistance Act fueled a significant increase in mortgage debt, resulting in a major housing... View Details
  • 23 May 2018
  • Research & Ideas

How to Know If Your Neighborhood Is Being Gentrified

City.” “But we think it is more likely that Starbucks has insight into neighborhoods that are going to be expanding.” Either way, a new Starbucks is a predictor of rising housing prices. “If you want to know if a neighborhood is going to... View Details
Keywords: by Dina Gerdeman
  • 11 Mar 2001
  • Research & Ideas

Merchants to Multinationals: British Trading Companies in the Nineteenth and Twentieth Centuries

Geoffrey Jones A second major influence on the diversification strategies of the trading companies was the boom in commodity prices. Industrialization in Europe and the United States stimulated a worldwide search for new sources of supply... View Details
Keywords: by Geoffrey Jones
  • Web

Buy Now, Pay Later: Home Finance

The Rise of Installment Selling Home Finance Cars on Time The Secondary Credit Market The Usurer's Grip Research Links Credits “About everyone who lives in what he calls his own house is in debt.” 20 &mdash Anonymous Boston leather... View Details
  • Web

Judges - Alumni

Beekeeper’s Naturals, Hill House Home, Kosas, Olive & June, and Saie. Tina is a thought leader and strategist whose extensive network, hands-on approach, and sharp instincts for commercial opportunities are highly regarded by investors,... View Details
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Media

Media

This lists media reports covering my firm dollarDEX Investments or me (or my colleagues), or columns written by me (or my colleagues). There are all... View Details