02031cas a2200325 a 4500 AALejournalIMF021635 230101c9999 xx r poo 0 0eng d 18.00 USD 9781513573380 1018-5941 BD-DhAAL BD-DhAAL Chen, Sophia. Do Lenders Make Less-Informed Investments in High-Growth Housing Markets? / Sophia Chen, Lev Ratnovski, Yangfan Sun. Washington, D.C. : International Monetary Fund, 2021. 1 online resource (53 pages) IMF Working Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students Nonlocal mortgage lenders with greater exposure to high-growth housing markets accept fewer loan applications in these markets and experience greater stock return volatility. When these lenders expand to high-growth markets, they also ration credit to a significantly greater degree than when they ex-pand to other markets. Mean-variance analyses show that nonlocal lenders' exposure to high-growth markets is associated with more risk, more efficiency, and more return on mortgage portfolios. Overall, these results imply that expansion to high-growth markets leads to a decline in screening and riskier investment by nonlocal lenders, which may reflect a risk-return tradeoff in their portfolio strategy. Mode of access: Internet Banks imf Depository Institutions imf Foreign Exchange imf Informal Economy imf Underground Econom imf Ratnovski, Lev. Sun, Yangfan. IMF Working Papers; Working Paper ; No. 2021/151 Full text available on IMF http://elibrary.imf.org/view/journals/001/2021/151/001.2021.issue-151-en.xml IMF e-Library