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	Key momentums instigating the prepayment behaviour of the residential mortgage borrowers on the Chinese market
	Sun, B ; Liu, HY
	2010-05-10 ; 2010-05-10
会议名称	Proceedings of 2005 International Conference on Construction & Real Estate Management, Vols 1 and 2 - CHALLENGE OF INNOVATION IN CONSTRUCTION AND REAL ESTATE ; International Conference on Construction and Real Estate Management ; Penang, MALAYSIA ; Web of Science
关键词	residential mortgage loan prepayment proportional hazard model BACKED SECURITIES FIXED-RATE TERMINATION VALUATION RATES Computer Science, Information Systems Construction & Building Technology Management
中文摘要	Both the prepayment risk and the default risk are of the borrowers' risks on the residential mortgage market. Generally speaking, the mortgage borrowers bring fewer losses to the lenders by prepayment than by default. However, the occurrence of the former is much more frequent than that of the latter. The paper, based on the loan-level data of the residential mortgage market, employed proportional hazard model with a newly defined prepayment call option value, to explore the factors significantly affecting the borrowers' prepayment behavior. The empirical results not only show that the newly defined call option is significantly correlated with the prepayment behavior, but also gain some dissimilar conclusions with those of the overseas kindred studies, among which the paper discloses the significant negative correlation between the borrowers' family income and their prepayment behavior, and the insignificant correlation between the borrowers' age and their prepayment behavior. Based on these significant factors obtained from the quantitative study, the paper points out that the borrowers' conservative concept of housing credit consumption, the lowered expectation for their future income and equity capital reward, and the sale of the collateral house are the key momentums instigating their prepayment behavior.
会议录出版者	CHINA ARCHITECTURE & BUILDING PRESS ; BEIJING ; BAIWANZHUANG XICHENGGU, BEIJING, 10037, PEOPLES R CHINA
语种	英语 ; 英语
内容类型	会议论文
源URL	[http://hdl.handle.net/123456789/20192]
专题	清华大学
推荐引用方式 GB/T 7714	Sun, B,Liu, HY. Key momentums instigating the prepayment behaviour of the residential mortgage borrowers on the Chinese market[C]. 见:Proceedings of 2005 International Conference on Construction & Real Estate Management, Vols 1 and 2 - CHALLENGE OF INNOVATION IN CONSTRUCTION AND REAL ESTATE, International Conference on Construction and Real Estate Management, Penang, MALAYSIA, Web of Science.

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