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Working Paper
Switching costs and adverse selection in the market for credit cards: new evidence
Gordy, Michael B.; Calem, Paul S.; Mester, Loretta J. (2005)
To explain persistence of credit card interest rates at relatively high levels, Calem and Mester (AER, 1995) argued that informational barriers create switching costs for high-balance customers. As evidence, using data from the 1989 Survey of Consumer Finances, they showed that these households were more likely to be rejected when applying for new credit. In this paper, they revisit the question using the 1998 and 2001 SCF. Further, they use new information on card interest rates to test for pricing effects consistent with information-based switching costs. The authors find that informational ...
Working Papers , Paper 05-16

Working Paper
Foreclosure delay and consumer credit performance
Lang, William W.; Calem, Paul S.; Jagtiani, Julapa (2014-03-09)
Superseded by Working Paper 15-24.The deep housing market recession from 2008 through 2010 was characterized by a steep increase in the number of foreclosures. Foreclosure timelines ? the length of time between initial mortgage delinquency and completion of foreclosure ? also expanded significantly, averaging up to three years in some states. Most individuals undergoing foreclosure are experiencing serious financial stress. However, extended foreclosure timelines enable mortgage defaulters to live in their homes without making housing payments until the completion of the foreclosure process, ...
Working Papers , Paper 14-8

Working Paper
Branch banking and the geography of bank pricing
Nakamura, Leonard I.; Calem, Paul S. (1995)
Finance and Economics Discussion Series , Paper 95-25

Working Paper
Consumer behavior and the stickiness of credit card interest rates
Mester, Loretta J.; Calem, Paul S. (1995)
Working Papers , Paper 95-10

Journal Article
Interstate bank mergers and competition in banking
Calem, Paul S. (1987-01)
Business Review , Issue Jan , Pages 3-14

Working Paper
Competitive effects of interstate bank mergers and acquisitions
Calem, Paul S.; Moulton, Janice M. (1987)
Working Papers , Paper 87-6

Working Paper
Reputation acquisition and persistence of moral hazard in credit markets
Calem, Paul S. (1992)
Working Papers , Paper 92-12

Working Paper
Credit cycle and adverse selection effects in consumer credit markets -- evidence from the HELOC market
Nakamura, Leonard I.; Calem, Paul S.; Cannon, Matthew (2011)
The authors empirically study how the underlying riskiness of the pool of home equity line of credit originations is affected over the credit cycle. Drawing from the largest existing database of U.S. home equity lines of credit, they use county-level aggregates of these loans to estimate panel regressions on the characteristics of the borrowers and their loans, and competing risk hazard regressions on the outcomes of the loans. The authors show that when the expected unemployment risk of households increases, riskier households tend to borrow more. As a consequence, the pool of households ...
Working Papers , Paper 11-13

Working Paper
\"Cream-skimming\" in subprime mortgage securitizations : which subprime mortgage loans were sold by depository institutions prior to the crisis of 2007?
Henderson, Christopher; Calem, Paul S.; Liles, Jonathan (2010)
Depository institutions may use information advantages along dimensions not observed or considered by outside parties to "cream-skim," meaning to transfer risk to naive, uninformed, or unconcerned investors through the sale or securitization process. This paper examines whether "cream-skimming" behavior was common practice in the subprime mortgage securitization market prior to its collapse in 2007. Using Home Mortgage Disclosure Act data merged with data on subprime loan delinquency by ZIP code, the authors examine the bank decision to sell (securitize) subprime mortgages originated in ...
Working Papers , Paper 10-8

Journal Article
The impact of geographic deregulation on small banks
Calem, Paul S. (1994-11)
Business Review , Issue Nov , Pages 17-31

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