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Using the Wisconsin Longitudinal Study, a sample of Wisconsin high school graduates from the class of 1957, we unpack the relationship between general human capital and late-life financial literacy. In short, we examine the links between cognition and financial literacy. We find that those with More information...
Audience: Researcher
Type of Resource: Working paper
Date: 10/1/2011
While low-income households face significant barriers to saving or otherwise investing in the future, cash payments provided by public policies and programs provide opportunities to divert income from daily expenses. Using a variety of financial sophistication measures, we identify predictors of More information...
Audience: Researcher
Type of Resource: Working paper
Date: 10/1/2011
Abstract: This paper examines the effects of credit availability on small firm survivability over the period 2004 to 2008 for non-publicly traded small enterprises. Using data from the 2003 Survey of Small Business Finances, we develop failure prediction models for a sample of small firms that were More information...
Audience: Researcher
Type of Resource: Working paper
Date: 8/1/2011
We evaluate the effects of the lending institution and soft information on mortgage loan performance for low-income homebuyers. We find that even after controlling for bank selection, those who receive a loan from a local bank are significantly less likely to become delinquent or default than other More information...
Audience: Researcher
Type of Resource: Working paper
Date: 8/1/2011
This paper presents a dynamic model of the decision to pursue a college education in which students face uncertainty about their future income stream after graduation due to unobserved heterogeneity in their innate scholastic ability. After students matriculate and start taking exams, they More information...
Audience: Researcher
Type of Resource: Working paper
Date: 7/1/2011
Abstract: Despite the recent flood of foreclosures on residential mortgages, little is known about what happens to borrowers and their households after their mortgage has been foreclosed. We study the post-foreclosure experience of U.S. households using a unique dataset based on the credit reports More information...
Audience: Researcher
Type of Resource: Working paper
Date: 7/1/2011
This paper addresses the important issue of the savings that people use in response to unexpected expenses. This savings, which we refer to as emergency savings, serves as a form of insurance against non-routine expenditures such as a car repair or unforeseen medical expense. Failing to adequately More information...
Audience: Researcher
Type of Resource: Working paper
Date: 6/1/2011
This paper examines whether rising house prices immediately prior to children entering their college years impacts their intergenerational earnings mobility and/or educational outcomes. Higher house prices provide homeowners, especially liquidity constrained ones, with additional funding to invest More information...
Audience: Researcher
Type of Resource: Working paper
Date: 6/1/2011
Abstract: Are consumers who have filed for personal bankruptcy before excluded from the unsecured credit market? Using a unique data set of credit card mailings, we directly explore the supply of unsecured credit to consumers with the most conspicuous default risk--those with a bankruptcy history. More information...
Audience: Researcher
Type of Resource: Working paper
Date: 5/1/2011
Abstract: Past research argues that changes in adjustable-rate mortgage (ARM) payments may lead households to cut back on consumption or to default on their mortgages. In this paper, we argue that these outcomes are more likely if ARM borrowers are borrowing constrained, and find that ARM borrowers More information...
Audience: Researcher
Type of Resource: Working paper
Date: 4/1/2011