Local Agglomeration and Household Mortgage Debt

Published Online:https://doi.org/10.1287/mnsc.2022.03486

References

  • Acemoglu D, Autor D (2011) Skills, tasks and technologies: Implications for employment and earnings. Card D, Ashenfelter O, eds. Handbook of Labor Economics, vol. 4 (Elsevier, Amsterdam), 1043–1171.Google Scholar
  • Addoum JM, Delikouras S, Ke D, Korniotis GM (2024) Industry clusters and the geography of portfolio choice. J. Financial Quant. Anal. 59(3):1031–1063.CrossrefGoogle Scholar
  • Adelino M, Schoar A, Severino F (2016) Loan originations and defaults in the mortgage crisis: The role of the middle class. Rev. Financial Stud. 29(7):1635–1670.CrossrefGoogle Scholar
  • Agarwal S, Ben-David I, Yao V (2017) Systematic mistakes in the mortgage market and lack of financial sophistication. J. Financial Econom. 123(1):42–58.CrossrefGoogle Scholar
  • Agarwal S, Correia S, Morais B, Song C (2022) Stock market milestones and mortgage demand: Evidence from US. Working paper, National University of Singapore, Singapore.Google Scholar
  • Agarwal S, Amromin G, Ben-David I, Chomsisengphet S, Evanoff DD (2014) Predatory lending and the subprime crisis. J. Financial Econom. 113(1):29–52.CrossrefGoogle Scholar
  • Allen L, Shan Y, Shen Y (2023) Do FinTech mortgage lenders fill the credit gap? Evidence from natural disasters. J. Financial Quant. Anal. 58(8):3342–3383.CrossrefGoogle Scholar
  • Almazan A, De Motta A, Titman S, Uysal V (2010) Financial structure, acquisition opportunities, and firm locations. J. Finance 65(2):529–563.CrossrefGoogle Scholar
  • Autor DH, Dorn D (2013) The growth of low-skill service jobs and the polarization of the US labor market. Amer. Econom. Rev. 103(5):1553–1597.CrossrefGoogle Scholar
  • Babina T, Ouimet P, Zarutskie R (2024) IPOs, human capital, and labor reallocation. J. Financial Quant. Anal. Forthcoming.Google Scholar
  • Baker AC, Larcker DF, Wang CCY (2022) How much should we trust staggered difference-in-differences estimates? J. Financial Econom. 144(2):370–395.CrossrefGoogle Scholar
  • Barrios JM, Choi JH, Hochberg YV, Kim J, Liu M (2023) Informing entrepreneurs? Initial public offerings and new business formation. Working paper, Stanford Graduate School of Business, Stanford, CA.Google Scholar
  • Barrot J-N, Loualiche E, Plosser M, Sauvagnat J (2022) Import competition and household debt. J. Finance 77(6):3037–3091.CrossrefGoogle Scholar
  • Benmelech E, Bergman N, Milanez A, Mukharlyamov V (2019) The agglomeration of bankruptcy. Rev. Financial Stud. 32(7):2541–2586.CrossrefGoogle Scholar
  • Borisov A, Ellul A, Sevilir M (2021) Access to public capital markets and employment growth. J. Financial Econom. 141(3):896–918.CrossrefGoogle Scholar
  • Branikas I, Hong H, Xu J (2020) Location choice, portfolio choice. J. Financial Econom. 138(1):74–94.CrossrefGoogle Scholar
  • Célerier C, Matray A (2019) Bank-branch supply, financial inclusion, and wealth accumulation. Rev. Financial Stud. 32(12):4767–4809.CrossrefGoogle Scholar
  • Cengiz D, Dube A, Lindner A, Zipperer B (2019) The effect of minimum wages on low-wage jobs. Quart. J. Econom. 134(3):1405–1454.CrossrefGoogle Scholar
  • Chakraborty I, Goldstein I, MacKinlay A (2020) Monetary stimulus and bank lending. J. Financial Econom. 136(1):189–218.CrossrefGoogle Scholar
  • Chetty R, Sándor L, Szeidl A (2017) The effect of housing on portfolio choice. J. Finance 72(3):1171–1212.CrossrefGoogle Scholar
  • Chetty R, Hendren N, Kline P, Saez E (2014) Where is the land of opportunity? The geography of intergenerational mobility in the United States. Quart. J. Econom. 129(4):1553–1623.CrossrefGoogle Scholar
  • Cocco JF (2013) Evidence on the benefits of alternative mortgage products. J. Finance 68(4):1663–1690.CrossrefGoogle Scholar
  • Cookson JA, Gilje EP, Heimer RZ (2022) Shale shocked: Cash windfalls and household debt repayment. J. Financial Econom. 146(3):905–931.CrossrefGoogle Scholar
  • Corradin S, Popov A (2015) House prices, home equity borrowing, and entrepreneurship. Rev. Financial Stud. 28(8):2399–2428.CrossrefGoogle Scholar
  • Davis MA, Fisher JDM, Whited TM (2014) Macroeconomic implications of agglomeration. Econometrica 82(2):731–764.CrossrefGoogle Scholar
  • Defusco AA, Johnson S, Mondragon J (2019) Regulating household leverage. Rev. Econom. Stud. 87:914–958.Google Scholar
  • Dougal C, Parsons CA, Titman S (2015) Urban vibrancy and corporate growth. J. Finance 70(1):163–210.CrossrefGoogle Scholar
  • Duranton G, Puga D (2004) Micro-foundations of urban agglomeration economies. Henderson V, Thisse JF, eds. Handbook of Regional and Urban Economics, vol. 4 (Elsevier, Amsterdam), 2063–2117.Google Scholar
  • Engelberg J, Ozoguz A, Wang S (2018) Know thy neighbor: Industry clusters, information spillovers, and market efficiency. J. Financial Quant. Anal. 53(5):1937–1961.CrossrefGoogle Scholar
  • Finkelstein A, Gentzkow M, Williams H (2016) Sources of geographic variation in healthcare: Evidence from patient migration. Quart. J. Econom. 131(4):1681–1726.CrossrefGoogle Scholar
  • Gerardi KS, Rosen HS, Willen PS (2010) The impact of deregulation and financial innovation on consumers: The case of the mortgage market. J. Finance 65(1):333–360.CrossrefGoogle Scholar
  • Glaeser E (1999) Learning in cities. J. Urban Econom. 46:254–277.CrossrefGoogle Scholar
  • Glaeser EL, Kallal HD, Scheinkman JA, Shleifer A (1992) Growth in cities. J. Political Econom. 100(6):1126–1152.CrossrefGoogle Scholar
  • Granovetter M (1985) Economic action and social structure: The problem of embeddedness. Amer. J. Sociol. 91(3):481–510.CrossrefGoogle Scholar
  • Gruber J, Yelowitz A (1999) Public health insurance and private savings. J. Political Econom. 107:1249–1274.CrossrefGoogle Scholar
  • Han L (2010) The effects of price risk on housing demand: Empirical evidence from U.S. markets. Rev. Financial Stud. 23(11):3889–3928.CrossrefGoogle Scholar
  • Holmes TJ (1999) Localization of industry and vertical disintegration. Rev. Econom. Statist. 81(2):314–325.CrossrefGoogle Scholar
  • Holmes TJ (2005) The location of sales offices and the attraction of cities. J. Political Econom. 113(3):551–581.CrossrefGoogle Scholar
  • Holmes TJ, Stevens JJ (2014) An alternative theory of the plant size distribution, with geography and intra- and international trade. J. Political Econom. 122(2):369–421.CrossrefGoogle Scholar
  • Hsu JW, Matsa DA, Melzer BT (2018) Unemployment insurance as a housing market stabilizer. Amer. Econom. Rev. 108(1):49–81.CrossrefGoogle Scholar
  • Jacobs J (1969) The Economy of Cities (Random House, New York).Google Scholar
  • Jiang D, Lim SS (2018) Trust and household debt. Rev. Finance 22(2):783–812.Google Scholar
  • Jiang F, Lowry M, Qian Y (2024) Local IPOs and household stock market participation. Rev. Finance rfae023.Google Scholar
  • Kedia S, Rajgopal S (2009) Neighborhood matters: The impact of location on broad based stock option plans. J. Financial Econom. 92(1):109–127.CrossrefGoogle Scholar
  • Koijen RSJ, Hemert O, Nieuwerburgh S (2009) Mortgage timing. J. Financial Econom. 93(2):292–324.CrossrefGoogle Scholar
  • Krebs T, Kuhn M, Wright MLJ (2015) Human capital risk, contract enforcement, and the macroeconomy. Amer. Econom. Rev. 105(11):3223–3272.CrossrefGoogle Scholar
  • Krugman P (1991) Geography and Trade (MIT Press, Cambridge, MA).Google Scholar
  • Ling DC, McGill GA (1998) Evidence on the demand for mortgage debt by owner-occupants. J. Urban Econom. 44(3):391–414.CrossrefGoogle Scholar
  • Lucas RE (1988) On the mechanics of economic development. J. Monetary Econom. 22:3–42.CrossrefGoogle Scholar
  • Marshall A (1890) Principles of Economics (Macmillan, London).Google Scholar
  • Mian A, Sufi A (2009) The consequences of mortgage credit expansion: Evidence from the U.S. mortgage default crisis. Quart. J. Econom. 124(4):1449–1496.CrossrefGoogle Scholar
  • Mian A, Sufi A (2011) House prices, home equity–based borrowing, and the US household leverage crisis. Amer. Econom. Rev. 101(5):2132–2156.CrossrefGoogle Scholar
  • Mian A, Sufi A (2014) What explains the 2007–2009 drop in employment? Econometrica 82(6):2197–2223.CrossrefGoogle Scholar
  • Mian A, Sufi A, Verner E (2017) Household debt and business cycles worldwide. Quart. J. Econom. 132(4):1755–1817.CrossrefGoogle Scholar
  • Mian A, Sufi A, Verner E (2020) How does credit supply expansion affect the real economy? The productive capacity and household demand channels. J. Finance 75(2):949–994.CrossrefGoogle Scholar
  • Neyman J, Scott EL (1948) Consistent estimates based on partially consistent observations. Econometrica 16(1):1–32.CrossrefGoogle Scholar
  • Pierce JR, Schott PK (2016) The surprisingly swift decline of US manufacturing employment. Amer. Econom. Rev. 106(7):1632–1662.CrossrefGoogle Scholar
  • Porter M (1998) Clusters and the new economics of competition. Harvard Bus. Rev. 76:77–90.Google Scholar
  • Ritter JR, Welch I (2002) A review of IPO activity, pricing, and allocations. J. Finance 57(4):1795–1828.CrossrefGoogle Scholar
  • Saiz A (2010) The geographic determinants of housing supply. Quart. J. Econom. 125(3):1253–1296.CrossrefGoogle Scholar
  • Valta P (2012) Competition and the cost of debt. J. Financial Econom. 105(3):661–682.CrossrefGoogle Scholar
INFORMS site uses cookies to store information on your computer. Some are essential to make our site work; Others help us improve the user experience. By using this site, you consent to the placement of these cookies. Please read our Privacy Statement to learn more.