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Essays in Real Estate Finance and Behavioral Economics.

Record Type:	Language materials, manuscript : Monograph/item
Title/Author:	Essays in Real Estate Finance and Behavioral Economics./
Author:	Echeverry Perez, David Felipe.
Description:	1 online resource (116 pages)
Notes:	Source: Dissertation Abstracts International, Volume: 79-08(E), Section: A.
Contained By:	Dissertation Abstracts International79-08A(E).
Subject:	Finance. -
Online resource:	click for full text (PQDT)
ISBN:	9780355831955

Essays in Real Estate Finance and Behavioral Economics.
Echeverry Perez, David Felipe.

Essays in Real Estate Finance and Behavioral Economics. - 1 online resource (116 pages)

Source: Dissertation Abstracts International, Volume: 79-08(E), Section: A.

Thesis (Ph.D.)--University of California, Berkeley, 2017.

Includes bibliographical references

This dissertation consists of two chapters. The first one deals with the information content of bond prices in private label securitization markets. The performance of a security backed by a pool of loans is affected by default correlation, and not only the probability of default. I imply default correlation from the market price of collateralized mortgage obligations. Implied correlations are informative about subsequent bond downgrades, but this information content depends on the quality of documentation on the underlying loans. Correlations implied from junior tranches are no more informative than those of AAA tranches for "low-doc" deals, and the latter no less informative than the former for "full-doc" deals. Errors in computing default correlations were not exclusive to AAA investors.

Electronic reproduction.
Ann Arbor, Mich. :
ProQuest,
2018

Mode of access: World Wide Web

ISBN: 9780355831955Subjects--Topical Terms:

559073
Finance.
Index Terms--Genre/Form:

554714
Electronic books.

Essays in Real Estate Finance and Behavioral Economics.
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245 1 0 $a Essays in Real Estate Finance and Behavioral Economics.
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300 $a 1 online resource (116 pages)
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500 $a Source: Dissertation Abstracts International, Volume: 79-08(E), Section: A.
500 $a Advisers: Nancy Wallace; Amir Kermani.
502 $a Thesis (Ph.D.)--University of California, Berkeley, 2017.
504 $a Includes bibliographical references
520 $a This dissertation consists of two chapters. The first one deals with the information content of bond prices in private label securitization markets. The performance of a security backed by a pool of loans is affected by default correlation, and not only the probability of default. I imply default correlation from the market price of collateralized mortgage obligations. Implied correlations are informative about subsequent bond downgrades, but this information content depends on the quality of documentation on the underlying loans. Correlations implied from junior tranches are no more informative than those of AAA tranches for "low-doc" deals, and the latter no less informative than the former for "full-doc" deals. Errors in computing default correlations were not exclusive to AAA investors.
520 $a The second chapter in this dissertation deals with the structural estimations of utility-based models in a setting of economic decision-making. Dropping the assumption that all individuals are all self-regarding we develop a model of utility maximization under social preferences. We use data from a common pool resource (CPR) game run in the field (1,095 subjects) to estimate a structural model including preferences for selfishness, altruism, reciprocity and equity, identifying preference types using a latent class logit model. Exogenous determinants of type are examined such as socio-economic characteristics, perceptions on the CPR, perceived interest in cooperation among the community, whether the participant does volunteer work and whether the CPR is the household main economic activity of the household. A competing explanation of deviations from Nash equilibrium is the existence of a cognitive factor: the construction of a best reply might make rational expectations about other players' mistakes (e.g. quantal response equilibrium). We do not find evidence for cognitive heterogeneity. Choice prediction based on types is robust out of sample.
533 $a Electronic reproduction. $b Ann Arbor, Mich. : $c ProQuest, $d 2018
538 $a Mode of access: World Wide Web
650 4 $a Finance. $3 559073
650 4 $a Economics. $3 555568
655 7 $a Electronic books. $2 local $3 554714
690 $a 0508
690 $a 0501
710 2 $a ProQuest Information and Learning Co. $3 1178819
710 2 $a University of California, Berkeley. $b Business Administration, Ph.D. Program. $3 1180579
773 0 $t Dissertation Abstracts International $g 79-08A(E).
856 4 0 $u http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=10687675 $z click for full text (PQDT)