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While nonprime lending has experienced steady if not explosive growth over the last decade very little is known about the performance characteristics of these mortgages. Private data vendors publish estimates that nonprime mortgages default and prepay at elevated levels, but no published research (as far as the author is aware) exists on the performance of nonprime mortgages.
Using data from Fannie Mae and Freddie Mac, this paper estimates a competing risks proportional hazard model popularized by McCall (1996). The analysis examines the performance 30 year fixed rate mortgages from February 1995 to the end of 1999 and compares nonprime and prime loan default and prepayment behavior. Nonprime loans are identified by relatively higher mortgage interest rates.
In the “Grand Master” episode of the television program CSI New York, detectives Stella and Danny investigate the death of an up-and-coming fashion designer who was found dead in her penthouse pool. The case leads the pair into the heart of Little Tokyo to an exclusive sushi restaurant that serves fugu, a potentially lethal fish that is forbidden in the United States. The sushi is served on the naked bodies of young Asian women who lie perfectly still before the city’s trendy elite.
The stock price performance of initial public offerings (IPOs) has long been a puzzle and researchers are still trying to understand the price behavior of these offerings. On average, IPOs jump up in price considerably on the first day of trading and provide excess returns to investors who are able to buy at the initial offer price and sell immediately in the secondary market. Recent literature examines the activities of underwriters in the aftermarket. These activities are generally referred to as stabilization activities because they provide price support for weak offerings that tend to trade at or below their offer price. Stabalization activities include exercise of the overallotment option, short covering in the aftermarket, and the use of penalty bids to restrict flipping.
This paper integrates the literature on underpricing of IPOs and aftermarket activities. The initial stock price performance of IPOs partly depends on how shares are priced, how they are allocated, and what investors do with these shares. Investment banks have the discretion to allocate IPO shares, and investors have the option to hold onto their allocated shares or to sell them immediately in the aftermarket. Investors who sell their shares in the first few days after trading begins are referred to as flippers and investment banks have implemented schemes to discourage flipping because this activity puts downward pressure on the stock price. Flipping is the term used when shares are sold in the immediate aftermarket by investors who receive an initial allocation at the offer price and does not include purchases in the aftermarket. The lead underwriter does not disclose the proportion of shares allocated to institutions versus individuals, and the public does not know who has flipped shares. However, the lead underwriter and each syndicate member maintain a detailed account of initial allocations and each customer’s flipping activity.
