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Wall Street and the Housing Bubble

The American economic review, 2014-09, Vol.104 (9), p.2797-2829 [Peer Reviewed Journal]

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Title:
Wall Street and the Housing Bubble
Author: Cheng, Ing-Haw ; Raina, Sahil ; Xiong, Wei
Subjects: Beliefs ; Control groups ; Divestiture ; Economic bubbles ; Economic crisis ; Economic models ; Economic statistics ; Economic theory ; Electronic mail systems ; Employees ; Home ownership ; Houses ; Housing ; Housing market ; Housing prices ; Hypotheses ; Incentives ; Managers ; Mortgage loans ; Real estate ; Real estate bubbles ; Samples ; Securities markets ; Securitization ; Studies ; Tax assessments ; U.S.A ; Wall Street
Is Part Of: The American economic review, 2014-09, Vol.104 (9), p.2797-2829
Description: We analyze whether midlevel managers in securitized finance were aware of a large-scale housing bubble and a looming crisis in 2004–2006 using their personal home transaction data. We find that the average person in our sample neither timed the market nor were cautious in their home transactions, and did not exhibit awareness of problems in overall housing markets. Certain groups of securitization agents were particularly aggressive in increasing their exposure to housing during this period, suggesting the need to expand the incentives-based view of the crisis to incorporate a role for beliefs.
Publisher: Nashville: American Economic Association
Language: English
Identifier: ISSN: 0002-8282
EISSN: 1944-7981
DOI: 10.1257/aer.104.9.2797
CODEN: AENRAA
Source: AUTh Library subscriptions: ProQuest Central

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