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Spillover Effects of State Regulated Corporate Disclosure on the Mortgage Market
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| 자료유형 | 학위논문 |
|---|---|
| 서명/저자사항 | Spillover Effects of State Regulated Corporate Disclosure on the Mortgage Market. |
| 개인저자 | Sinha, Kirti. |
| 단체저자명 | Northwestern University. Accounting Information and Management. |
| 발행사항 | [S.l.]: Northwestern University., 2019. |
| 발행사항 | Ann Arbor: ProQuest Dissertations & Theses, 2019. |
| 형태사항 | 108 p. |
| 기본자료 저록 | Dissertations Abstracts International 81-02A. Dissertation Abstract International |
| ISBN | 9781085593540 |
| 학위논문주기 | Thesis (Ph.D.)--Northwestern University, 2019. |
| 일반주기 |
Source: Dissertations Abstracts International, Volume: 81-02, Section: A.
Advisor: Walther, Beverly. |
| 이용제한사항 | This item must not be sold to any third party vendors. |
| 요약 | I investigate the spillover effects of disclosure requirements imposed by state governments on oil and gas companies operating in the state. Recently, several state governments have begun requiring companies to publicly disclose information about chemicals used in their fracking operations. The chemicals can result in land and water contamination, thereby creating uncertainty about property values near fracking operations. I hypothesize and find that the disclosure mandate reduces uncertainty about property values and subsequently increases mortgage lending activity, i.e., probability of obtaining a mortgage and loan-to-value by 2.6 and 2.2 percentage points, respectively. My analyses exploit the staggered adoption of disclosure regulations across states as well as variation in the location of properties relative to fracking wells. I conduct cross-sectional tests based on property characteristics (e.g., drinking water source, lender type) and the content of the information disclosed to further substantiate my inference that disclosures related to fracking chemicals facilitate mortgage lending activity. Finally, I find that fracking chemical disclosures decrease the variance in property prices, suggesting that a reduction in uncertainty about collateral value is the mechanism through which these disclosures affect mortgage lending. My results highlight the value of information disclosed by one sector of the economy for economic activity in different sector of the economy. |
| 일반주제명 | Accounting. |
| 언어 | 영어 |
| 바로가기 | 
: 이 자료의 원문은 한국교육학술정보원에서 제공합니다. |
