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Working Paper
Expectations of risk and return among household investors: Are their Sharpe ratios countercyclical?
Amromin, Gene; Sharpe, Steven A. (2008)
Data obtained from special questions on the Michigan Survey of Consumer Attitudes over several years are used to analyze stock market beliefs and portfolio choices of household investors. Consistent with other survey results, expected future returns appear to be extrapolated from past realized returns. The data also indicate that expected risk and return are strongly influenced by economic prospects. When investors believe macroeconomic conditions are more expansionary, they tend to expect both higher returns and lower volatility, which implies that household Sharpe ratios are procyclical. ...
Finance and Economics Discussion Series , Paper 2008-17

Working Paper
Debt maturity and the back-to-the-wall theory of corporate finance
Fenn, George W.; Sharpe, Steven A. (1991)
Finance and Economics Discussion Series , Paper 171

Working Paper
Crowding Out Effects of Refinancing on New Purchase Mortgages
Sharpe, Steven A.; Sherlund, Shane M. (2015-03-12)
We present evidence that binding mortgage processing capacity constraints reduce mortgage originations to borrowers of low to modest credit quality. Mortgage processing capacity constraints typically bind when the demand for mortgage refinancing shifts outward, usually because of lower mortgage rates. As a result, high capacity utilization leads mortgage lenders to ration mortgage credit, completing mortgages that require less underwriting resources, and are thus less costly, to produce. This is hypothesized to have a particularly adverse impact on the ability of low- to modest-credit-quality ...
Finance and Economics Discussion Series , Paper 2015-17

Discussion Paper
Asymmetric information, bank lending, and implicit contracts: a stylized model of continuing relationships
Sharpe, Steven A. (1987)
Special Studies Papers , Paper 221

Working Paper
A theory of credit rationing and the maturity structure of debt
Sharpe, Steven A. (1988)
Finance and Economics Discussion Series , Paper 27

Working Paper
Post-deregulation deposit rate pricing: the multivariate dynamics
Diebold, Francis X.; Sharpe, Steven A. (1988)
Finance and Economics Discussion Series , Paper 8

Conference Paper
Does lending by banks and finance companies differ?
Post, Mitchell A.; Carey, Mark S.; Sharpe, Steven A. (1996)
Proceedings , Paper 508

Working Paper
Did pension plan accounting contribute to a stock market bubble?
Sharpe, Steven A.; Coronado, Julia Lynn (2003)
During the 1990s, the asset portfolios of defined-benefit (DB) pension plans ballooned with the booming stock market. Due to current accounting guidelines, the robust growth in pension assets resulted in a stealthy but substantial boost to the profits of sponsoring corporations. This study assesses the extent to which equity investors were fooled by pension accounting. First, we test whether stock prices reflected the fair market value of sponsoring firms' net pension assets reported in footnotes to the 10-K or, instead, some capitalization rate on the pension cost accruals embedded in the ...
Finance and Economics Discussion Series , Paper 2003-38

Working Paper
Market structure and the nature of price rigidity: evidence from the market for consumer deposits
Sharpe, Steven A.; Neumark, David (1989)
Finance and Economics Discussion Series , Paper 52

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