NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH
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Matthew C. Plosser

Financial Intermediation Function
Federal Reserve Bank of New York
33 Liberty Street
New York, NY 10045

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Institutional Affiliation: Federal Reserve Bank of New York

NBER Working Papers and Publications

April 2018The Role of Technology in Mortgage Lending
with Andreas Fuster, Philipp Schnabl, James Vickery: w24500
Technology-based ("FinTech") lenders increased their market share of U.S. mortgage lending from 2% to 8% from 2010 to 2016. Using market-wide, loan-level data on U.S. mortgage applications and originations, we show that FinTech lenders process mortgage applications about 20% faster than other lenders, even when controlling for detailed loan, borrower, and geographic observables. Faster processing does not come at the cost of higher defaults. FinTech lenders adjust supply more elastically than other lenders in response to exogenous mortgage demand shocks, thereby alleviating capacity constraints associated with traditional mortgage lending. In areas with more FinTech lending, borrowers refinance more, especially when it is in their interest to do so. We find no evidence that FinTech le...

Published: Andreas Fuster & Matthew Plosser & Philipp Schnabl & James Vickery, 2019. "The Role of Technology in Mortgage Lending," The Review of Financial Studies, vol 32(5), pages 1854-1899. citation courtesy of

July 2016Buyout Activity: The Impact of Aggregate Discount Rates
with Valentin Haddad, Erik Loualiche: w22414
Buyout booms form in response to declines in the aggregate risk premium. We document that the equity risk premium is the primary determinant of buyout activity rather than credit-specific conditions. We articulate a simple explanation for this phenomenon: a low risk premium increases the present value of performance gains and decreases the cost of holding an illiquid investment. A panel of U.S. buyouts confirms this view. The risk premium shapes changes in buyout characteristics over the cycle, including their riskiness, leverage, and performance. Our results underscore the importance of the risk premium in corporate finance decisions.

Published: VALENTIN HADDAD & ERIK LOUALICHE & MATTHEW PLOSSER, 2017. "Buyout Activity: The Impact of Aggregate Discount Rates," The Journal of Finance, vol 72(1), pages 371-414. citation courtesy of

 
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