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Negative equity and foreclosure: Theory and evidence [PDF]
Journal of Urban Economics, 2008 Millions of Americans have negative housing equity, meaning that the outstanding balance on their mortgage exceeds their home's current market value. Our data show that the overwhelming majority of these households will not lose their homes. Our finding is consistent with historical evidence: we examine more than 100,000 homeowners in Massachusetts who
Christopher L Foote
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SSRN Electronic Journal, 2021
About 40% of the S&P 500 firms reported negative tangible equity (NTE) in 2019, a significant increase from the 10% level two decades ago. We find that debt-fueled NTE firms are associated with larger market caps with more stock buybacks and acquisitions of intangibles. NTE firms’ higher credit ratings and lower bond yields in the latest decade suggest
Sanjeev Bhojraj +2 more
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About 40% of the S&P 500 firms reported negative tangible equity (NTE) in 2019, a significant increase from the 10% level two decades ago. We find that debt-fueled NTE firms are associated with larger market caps with more stock buybacks and acquisitions of intangibles. NTE firms’ higher credit ratings and lower bond yields in the latest decade suggest
Sanjeev Bhojraj +2 more
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Regional Science and Urban Economics, 2013
Abstract We examine the relationship between housing equity and wage earnings using nine waves of the national American Housing Survey from 1985 to 2003. Employing a rich set of time and place controls, a synthetic mortgage instrumental variable strategy, and a first difference estimator we find that people underwater on their mortgage command a ...
Chris Cunningham, Robert R. Reed
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Abstract We examine the relationship between housing equity and wage earnings using nine waves of the national American Housing Survey from 1985 to 2003. Employing a rich set of time and place controls, a synthetic mortgage instrumental variable strategy, and a first difference estimator we find that people underwater on their mortgage command a ...
Chris Cunningham, Robert R. Reed
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Negative Beta Equity Securities as Insurance
The Journal of Wealth Management, 2021Theoretically, an equity security with a negative CAPM beta should behave like portfolio insurance in the sense that the security provides a positive return during a market downturn. However, equity securities with negative betas are relatively rare and simply determining that an equity security exhibits a negative beta is not enough for determining if
Tom Arnold, Terry D. Nixon
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Equity Valuation and Negative Earnings: The Role of Book Value of Equity
Accounting Review, 1999This study provides an explanation for the anomalous significantly negative price-earnings relation using the simple earnings capitalization model for firms that report losses. We hypothesize and find that including book value of equity in the valuation specification eliminates the negative relation.
Morton Pincus +2 more
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Stockholders’ Equity at Campbell Soup: How Can Equity Be Negative?
SSRN Electronic Journal, 2012This paper presents an instructional case based on the 2001 annual report of the Campbell Soup Company. During that year, Campbell’s stockholders’ equity went from a surplus of $137 million to a deficit of $247 million. The analysis will allow students to determine that the change resulted from borrowing to purchase treasury stock.
Mary Beth Mohrman, Pamela S. Stuerke
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On Pricing and Hedging the No-Negative-Equity Guarantee in Equity Release Mechanisms
Journal of Risk and Insurance, 2009In a roll-up mortgage, the borrower receives a loan in the form of a lump sum. The loan is rolled up with interest until the borrower dies, sells the house, or moves into long-term care permanently. The house is sold at that time, and the proceeds are used to repay the loan and interest.
Johnny Siu-Hang Li +2 more
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