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  • Governance Hayong, Yun, Kenneth Ayotte, Patrick Bolton, Charles Calomiris, Charles Himmelberg +10 others
  • 2005
This paper uses the second-generation antitakeover legislation as a natural experiment to understand corporate governance in ‡uence on managerial decisions, speci…cally by examining in ‡uences on …rms'liquidity choices between cash and loan commitments. These choices di¤er primarily in the allocation of ex-post control rights of …rms'liquid-ity reserves,(More)
A number of commentators have raised concerns about the empty creditor problem that arises when a debtholder has obtained insurance against default but otherwise retains control rights in and outside bankruptcy. We analyze this problem from an ex-ante and ex-post perspective in a formal model of debt with limited commitment, by comparing contracting(More)
We investigate whether homeowners respond strategically to news of mortgage modification programs. We exploit plausibly exogenous variation in modification policy induced by U.S. state government lawsuits against Countrywide Financial Corporation, which agreed to offer modifications to seriously delinquent borrowers with subprime mortgages throughout the(More)
Executive Summary We are witnessing an unprecedented housing and foreclosure crisis, with 2.25 million foreclosures started last year and at least 1.7 million foreclosure starts expected this year. Privately securitized mortgages are at the core of the problem. These mortgages—which were originated without a guarantee from government-sponsored(More)
Peroxisome proliferator-activated receptor gamma (PPARγ) activation decreased serum testosterone (T) in women with hyperthecosis and/or polycystic ovary syndrome and reduced the conversion of androgens to estradiol (E2) in female rats. This implies modulation of female sex steroid hormones by PPARγ. It is not clear if PPARγ modulates sex steroid hormones in(More)
— Research has shown that the dynamics of facial motion are important in the perception of gender, identity, and emotion. In this paper we show that it is possible to use a multi-linear tensor framework to extract facial motion signatures and to cluster these signatures by gender or by emotion. Here, we consider only the dynamics of internal features of the(More)
Using noninvasive in vivo functional magnetic resonance imaging (fMRI), we demonstrate that the enhancement of odorant response of olfactory receptor neurons by zinc nanoparticles leads to increase in activity in olfaction-related and higher order areas of the dog brain. To study conscious dogs, we employed behavioral training and optical motion tracking(More)
I analyze the existence of default spillovers in the residential mortgage market. I focus on shocks to interest rates paid by borrowers resulting from two administrative details in ARM contract terms: the choices of financial index and lookback period. I find that a 1 percentage point increase in interest rates at the time of ARM reset results in a 2.5(More)
Previous correlational research shows that childhood adversity is associated with earlier age of reproduction in humans and other species. Such studies, however, cannot show that stressful conditions cause earlier reproduction. Using the cold-pressor task, we built on previous work to test the idea that acute stress influences human reproductive and marital(More)
We depend upon the olfactory abilities of dogs for critical tasks such as detecting bombs, landmines, other hazardous chemicals and illicit substances. Hence, a mechanistic understanding of the olfactory system in dogs is of great scientific interest. Previous studies explored this aspect at the cellular and behavior levels; however, the cognitive-level(More)
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