Homeownership and Financial Strain Following the Collapse of the Housing Market: A Comparative Study on Loan Delinquencies Between Black and White Households

2015 ◽  
Vol 26 (1) ◽  
pp. 79-93 ◽  
Author(s):  
Richard F. Bieker ◽  
Yoonkyung Yuh
Keyword(s):  
Housing Market ◽  
Housing Prices ◽  
Potential Effect ◽  
Financial Strain ◽  
Residential Housing ◽  
Black And White ◽  
Consumer Finances ◽  
Time Period ◽  
Using Data ◽  
The Impact

The objectives of this study were to evaluate the extent to which homeownership contributed to household financial strain as measured by loan delinquency after the onset of the recent housing market crash, and to examine if the impact of homeownership on household financial strain differed for Black and White households. Using data from the 2010 Survey of Consumer Finances, we found that, after controlling for other factors, a household's housing preferences had a potential effect on the likelihood of experiencing financial strain following the collapse of residential housing prices. In addition, Black homeowners were more likely to have experienced financial strain following the housing collapse than were White homeowners, regardless of the time period in which the home was purchased. The implications of the findings for public policy, personal financial planning and education, and further research are presented.

Treasury Bond Illiquidity and Global Equity Returns

2014 ◽  
Vol 49 (5-6) ◽  
pp. 1227-1253 ◽  
Author(s):  
Ruslan Goyenko ◽  
Sergei Sarkissian
Keyword(s):  
Asset Pricing ◽  
Equity Returns ◽  
Asset Valuation ◽  
Macroeconomic Shocks ◽  
Country Level ◽  
Time Period ◽  
Treasury Bond ◽  
Using Data ◽  
The Impact ◽  
Asset Pricing Tests

AbstractIn this study, using data from 46 markets and a 34-year time period, we examine the impact of the illiquidity of U.S. Treasuries on global asset valuation. We find that it predicts equity returns in both developed and emerging markets. This predictive relation remains intact after controlling for various world- and country-level variables. Asset pricing tests further reveal that bond illiquidity is a priced factor even in the presence of other conventional risks. Since the illiquidity of Treasuries is known to reflect monetary and macroeconomic shocks, our results suggest that it can be considered a proxy for aggregate worldwide risks.

scholarly journals Le marché immobilier : quelques perspectives à long terme pour la région de Trois-Rivières

2009 ◽  
Vol 59 (1) ◽  
pp. 153-163
Author(s):  
L. M. Farrell
Keyword(s):  
Real Estate ◽  
Housing Prices ◽  
Consumer Price Index ◽  
Listing Service ◽  
Real Estate Markets ◽  
Long Run ◽  
Time Period ◽  
Short Period ◽  
The Impact ◽  
Transaction Price

Abstract The results of any analysis of local real estate markets must be qualified interms of the long run equilibrium conditions assumed in the study. Such propertycharacteristics as: non homogeneity, durability, length of response lag time, etc.,are frequently suggested as major factors which contribute to the inefficiency ofreal estate markets. Periods of prolonged exogeneous inflationary expectations,which may be indicated by changes in the Consumer Price Index (CPI), addfurther complexity to the analysis of real estate markets. This paper presents a brief discussion of the factors which influence thesupply and demand for Real Estate. Special reference is made to the City ofTrois-Rivières, Québec, which is analysed over the ten year period 1971 to 1981. In this market the impact of changes in income on long run demand would appearto be negative. The effect of demographic factors, particularly population in the25 to 34 year age group, is not clear. There is some indication of a shift in supplyacross submarkets over the 1976-1979 time period. Price changes, measured in current dollars using the Multiple Listing Service(MLS) average transaction price, increased approximately 200 per cent over arelatively short period in the early 1970s. Most of this appreciation appears tohave been lost over the longer time period of the study. Average MLS transaction price, adjusted for inflation, fluctuated between$12,000 and $28,000 over the same period. After appropriate qualification of the results, in terms of the data and themethodology used to analyse the data, it would appear that housing prices in theaggregated Trois-Rivières market have not increased appreciably in current orconstant dollars over the period 1971-1981 although this may not have been thecase in particular submarkets.

scholarly journals Inequality and market concentration, when shareholding is more skewed than consumption

2019 ◽  
Vol 35 (3) ◽  
pp. 550-563 ◽  
Author(s):  
Joshua Gans ◽  
Andrew Leigh ◽  
Martin Schmalz ◽  
Adam Triggs
Keyword(s):  
The United States ◽  
Relative Distribution ◽  
Consumer Expenditure ◽  
Survey Of Consumer Finances ◽  
Consumer Expenditure Survey ◽  
Consumer Finances ◽  
Equity Ownership ◽  
Using Data ◽  
The Impact ◽  
Over Time

AbstractEconomic theory suggests that monopoly prices hurt consumers but benefit shareholders. But in a world where individuals or households can be both consumers and shareholders, the impact of market power on inequality depends in part on the relative distribution of consumption and corporate equity ownership across individuals or households. The paper calculates this distribution for the United States, using data from the Survey of Consumer Finances and the Consumer Expenditure Survey, spanning nearly three decades from 1989 to 2016. In 2016, the top 20 per cent consumed approximately as much as the bottom 60 per cent, but had 15 times as much corporate equity. Because ownership is more skewed than consumption, increased mark-ups increase inequality. Moreover, over time, corporate equity has become even more skewed relative to consumption.

Perceived threat and officer-involved shootings: characteristics leading to fatal vs non-fatal instances

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Zavin Nazaretian ◽  
Cedrick Heraux ◽  
David Merolla
Keyword(s):  
Multinomial Logistic Regression ◽  
Perceived Threat ◽  
Content Type ◽  
Logistic Regression Models ◽  
Black And White ◽  
Time Period ◽  
Significant Difference ◽  
Police Shootings ◽  
Different Populations ◽  
The Impact

PurposeThe purpose of this research is to compare the fatality rate of Black and White subjects shot by police. This comparison is meant to explore whether officer-involved shootings (OIS) are impacted more by perceived threat or by demographic characteristics. Beyond race, contextual and officer-level variables are examined for their influence on lethal vs non-lethal police shootings.Design/methodology/approachThe study utilizes data from the Tampa Bay Times database on police shootings in Florida from 2009 through 2014. Our analysis focuses on the substantive importance of this issue, using the population of OIS in one specific state over a specified time period. The authors also including multinomial logistic regression models analyzing the impact of race, contextual and officer-level variables on the lethal outcome of OIS is clear that the police are shooting at two very different populations.FindingsAlthough Black subjects are disproportionately represented as the subjects of OIS, there was no significant difference in the lethality of such incidents based simply on race. However, when we compare Black subjects to White subjects, it is clear that the police are shooting at two very different populations. Black subjects were younger, less likely to be armed, less likely to be under the influence of drugs or alcohol, and less likely to have suspected or known mental health considerations than their White counterparts.Research limitations/implicationsThus, it is possible that any racialized difference in the lethality of police shootings is being suppressed because we are comparing very different groups of subjects to one another.Originality/valueThis paper is the first to examine the racial threat that officers experience past the decision to engage in violence. The authors are looking at how they shoot at minorities vs the decision to shoot at minorities.

The Impact of Delivery Synergies on Bidding in the Georgia School Milk Market

2006 ◽  
Vol 6 (1) ◽  
Author(s):  
Robert C. Marshall ◽  
Matthew E. Raiff ◽  
Jean-Francois Richard ◽  
Steven P. Schulenberg
Keyword(s):  
Public Schools ◽  
Cost Savings ◽  
Parametric Estimation ◽  
Sealed Bid ◽  
Time Period ◽  
Using Data ◽  
The Right ◽  
Milk Market ◽  
The Impact ◽  
Academic Year

Abstract Each summer milk processors around the country participate in sealed bid procurements for the right to provide public schools with milk throughout the subsequent academic year. School district contracts are an important part of vehicle routing problems that milk processors solve on an ongoing basis. There are allegedly substantial cost savings for a milk processor from servicing a district that is directly adjacent to one they already service. In this paper, following the work of Krishna and Rosenthal (1996), we construct a procurement model allowing for cost synergies. The equilibrium bid function maps directly into an empirical specification. Using data from a time period when bidders were allegedly acting non-cooperatively, our structural parametric estimation results give significant support for the presence of cost synergies in the bidding.

Dual private pension households and the distribution of wealth in the United States

2002 ◽  
Vol 1 (2) ◽  
pp. 131-155 ◽  
Author(s):  
NANCY AMMON JIANAKOPLOS ◽  
VICKIE L. BAJTELSMIT
Keyword(s):  
United States ◽  
Wealth Distribution ◽  
The United States ◽  
Household Wealth ◽  
Private Pension ◽  
Private Pensions ◽  
Net Worth ◽  
Consumer Finances ◽  
Using Data ◽  
The Impact

Using data from the 1998 Survey of Consumer Finances, this paper examines the impact of dual private pension households on the distribution of household wealth in the United States. This paper builds on three lines of previous research: inquiries into ‘assortative mating’, i.e., the tendency for people with similar characteristics to marry; studies emphasizing the importance of pensions as a component of household wealth; and recent research examining how wives' earnings alter the distribution of household income. Evidence of ‘assortative private pensions’, i.e., the tendency for people with private pensions to be married to people with private pensions, is presented. Estimates of the expected value of private pension and social security wealth are added to measures of household non-retirement net worth to obtain the value household wealth. These data indicate that wives' private pensions in dual private pension households contribute marginally to greater equality in the wealth distribution.

New housing supply and price reactions: evidence from Spanish markets

2014 ◽  
Vol 7 (1) ◽  
pp. 4-28 ◽  
Author(s):  
Paloma Taltavull de la Paz
Keyword(s):  
Housing Market ◽  
Explanatory Power ◽  
Housing Prices ◽  
Model Parameters ◽  
Credit Crunch ◽  
Housing Supply ◽  
Recursive Procedure ◽  
Content Type ◽  
Spanish Regions ◽  
The Impact

Purpose – The paper develops a housing model equation for Spain and selected regions to estimate new supply elasticity. The aim of the paper is to assess the role of housing supply on price evolution and explain the fall in housing starts since the start of the credit crunch. Design/methodology/approach – The paper uses a pooled EGLS specification controlling for the presence of cross-section heteroskedasticity. Fixed effect estimators are calculated to capture regional heterogeneity. The model uses secondary data (quarterly) for 17 Spanish regions over the period 1990-2012. A recursive procedure is applied to estimate model parameters starting with a baseline model (1990-1999) and successively adding one-year time information. Elasticities, as well as explanatory power from models, are reported and jointly analyzed. Elasticity is interpreted as the extent to which market mechanisms drive developer responses. Findings – Elasticities of new supply are shown to be very stable during all periods but characterized by differences in response at a regional level. Elasticity ranges from 0.8 to 1.3 across regions. The model reports a non-market-oriented mechanism that guides building decisions. The credit crunch and debt crisis have had a double negative effect capturing the cumulative effect of exogenous shocks. Research limitations/implications – Elastic responses restrained the effects of over-pricing in the period of strong demand pressures in the early 2000s. Changes in elasticity parameters over time suggest that long-term elasticity in housing supply depends on the specific region analyzed. The results show that the credit crunch shock had varying degrees of severity in Spanish regions, dramatically reducing house-building because of the high sensitivity to changes in prices. Practical implications – Estimated elasticity may be used to forecast responses to changes in housing prices. The results add to the understanding of the equilibrium mechanism in the housing market across regions. Originality/value – This is the first article that analyses housing supply, calculates supply elasticities and measures the impact of the credit crunch on the housing market from the supply side in Spain. The paper adds evidence to the debate concerning the equilibrium mechanism in the housing market.

scholarly journals Spatial Variability of the ‘Airbnb Effect’: A Spatially Explicit Analysis of Airbnb's impact on Housing Prices in Sydney

2021 ◽  
Author(s):  
William Thackway ◽  
Matthew Kok Ming Ng ◽  
Chyi Lin Lee ◽  
Vivien Shi ◽  
Christopher Pettit
Keyword(s):  
Housing Market ◽  
Housing Prices ◽  
Property Valuation ◽  
Valuation Model ◽  
Price Impacts ◽  
Property Price ◽  
Explicit Analysis ◽  
Hedonic Property ◽  
The Impact ◽  
The City

Over the last decade, the emergence and significant growth of home sharing platforms such as Airbnb has coincided with rising housing unaffordability in many global cities. It is in this context that we look to empirically assess the impact of Airbnb on housing prices in Sydney - one of the least affordable cities in the world. Employing a hedonic property valuation model, our results indicate that Airbnb’s overall effect is positive. A 1% increase in Airbnb density is associated with approximately a 2% increase in property sales price. However, recognising that Airbnb’s effect is geographically uneven and given the fragmented nature of Sydney’s housing market, we also employ a GWR to account for the spatial variation in Airbnb activity. The findings confirm that Airbnb’s influence on housing prices is varied across the city. Sydney’s northern beaches and parts of western Sydney experience a statistically significant value uplift attributable to Airbnb activity. However, traditional tourist locations focused around Sydney’s CBD and the eastern suburbs experience insignificant or negative property price impacts. The results highlight the need for policymakers to consider local Airbnb and housing market contexts when deciding the appropriate level and design of Airbnb regulation.

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