Yangfan Sun's Books

Borrower Protection and the Supply of Credit

Evidence from Foreclosure Laws

By: Jihad Dagher,Yangfan Sun

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Borrower Protection and the Supply of Credit

Evidence from Foreclosure Laws

By: Jihad Dagher,Yangfan Sun

Laws governing the foreclosure process can have direct consequences on the costs of foreclosure and could therefore affect lending decisions. We exploit the heterogeneity in the judicial requirements across U.S. states to examine their impact on banks’ lending decisions in a sample of urban areas straddling state borders. A key feature of our study is the way it exploits an exogenous cutoff in loan eligibility to GSE guarantees which shift the burden of foreclosure costs onto the GSEs. We find that judicial requirements reduce the supply of credit only for jumbo loans that are ineligible for GSE guarantees. These laws do not affect, however, the relative demand of jumbo loans. Our findings, which also hold using novel nonbinary measures of judicial requirements, illustrate the consequences of foreclosure laws on the supply of mortgage credit. They also shed light on a significant indirect cross-subsidy by the GSEs to borrower-friendly states that has been overlooked thus far.

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International Monetary Fund

Published Date

ISBN 10

1498367879

ISBN 13

9781498367875

How Does Post-Crisis Bank Capital Adequacy Affect Firm Investment?

By: Yangfan Sun,Mr.Hui Tong

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How Does Post-Crisis Bank Capital Adequacy Affect Firm Investment?

By: Yangfan Sun,Mr.Hui Tong

We examine the effect of bank capital levels on firm investment drawing on a sample of 11,106 non-financial firms from 2007 to 2013 in 16 advanced economies. We examine two measures of bank capital adequacy, the Tier 1 ratio and a simple leverage ratio, and find that firms with larger external financial needs invest relatively more when domestic financial systems have relatively high leverage ratios. This pattern is more pronounced for those firms that have sound fundamentals, suggesting that bank balance sheets and their willingness to extend credit can be an important factor in determining aggregate investment and growth outcomes. The empirical findings are robust to a range of specifications. Bank Tier 1 capital ratio does not appear to have a significant effect on corporate investment, possibly because a higher Tier 1 ratio also captures a high share of assets with low risk weights.

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International Monetary Fund

Published Date

ISBN 10

1513593595

ISBN 13

9781513593593

Do Lenders Make Less-Informed Investments in High-Growth Housing Markets?

By: Sophia Chen,Mr. Lev Ratnovski,Yangfan Sun

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Do Lenders Make Less-Informed Investments in High-Growth Housing Markets?

By: Sophia Chen,Mr. Lev Ratnovski,Yangfan Sun

Nonlocal mortgage lenders with greater exposure to high-growth housing markets accept fewer loan applications in these markets and experience greater stock return volatility. When these lenders expand to high-growth markets, they also ration credit to a significantly greater degree than when they ex-pand to other markets. Mean-variance analyses show that nonlocal lenders’ exposure to high-growth markets is associated with more risk, more efficiency, and more return on mortgage portfolios. Overall, these results imply that expansion to high-growth markets leads to a decline in screening and riskier investment by nonlocal lenders, which may reflect a risk–return tradeoff in their portfolio strategy.

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International Monetary Fund

Published Date

ISBN 10

1513573381

ISBN 13

9781513573380

Borrower Protection and the Supply of Credit

Evidence from Foreclosure Laws

By: Jihad Dagher,Yangfan Sun

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Borrower Protection and the Supply of Credit

Evidence from Foreclosure Laws

By: Jihad Dagher,Yangfan Sun

Average ratings

N/A

Write a review

Solve jigsaw puzzle

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Publisher

International Monetary Fund

Published Date

ISBN 10

1498367879

ISBN 13

9781498367875

Book's by Yangfan Sun

Borrower Protection and the Supply of Credit

Borrower Protection and the Supply of Credit

How Does Post-Crisis Bank Capital Adequacy Affect Firm Investment?

How Does Post-Crisis Bank Capital Adequacy Affect Firm Investment?

Do Lenders Make Less-Informed Investments in High-Growth Housing Markets?

Do Lenders Make Less-Informed Investments in High-Growth Housing Markets?

Borrower Protection and the Supply of Credit

Borrower Protection and the Supply of Credit

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