文章基本信息

标题：Optional risk sharing: avoiding ruthless behavior in the residential real estate market,
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作者：Cynthia Rodriguez Cano ; Georgia College ; State University; Wesley Austin 等
期刊名称：Journal of Behavioral Studies in Business
印刷版ISSN：1941-563X
电子版ISSN：1941-5508
出版年度：2010
卷号：3
期号：1
出版社：Academic and Business Research Institute
摘要：The residential real estate market is in a down cycle never before experienced in the United States. Faced with cash shortfalls during economic downturns, individuals must decide which asset(s) to abandon. Because real estate is a major investment and one for which equity accrues slowly, homesteads are more likely to be forfeited than other assets (e.g., automobile). A conceptual model is proposed that shifts risk (i.e., interest bearing) between lenders and homebuyers. Risk shifting allows homebuyers to accrue more equity earlier in the contract and provides a motive to avoid ruthless behaviors. The shift in risk allows lenders to buy insurance that lessens the effects (mitigate losses) of future business cycle downturns. Supported by agency theory and risk analysis, the proposed conceptual model suggests that there is an optimal risk allocation between lenders and homebuyers.
关键词：risk sharing, real estate, foreclosures