Publication in refereed journal
香港中文大学研究人员 ( 现职)
| 刘民教授 (金融学系) |
| 周应峰教授 (金融学系) |
全文
| 数位物件识别号 (DOI) http://dx.doi.org/10.1016/S0927-538X(02)00094-X |
引用次数
Scopushttp://aims.cuhk.edu.hk/converis/portal/Publication/1Scopus source URL
其它资讯
摘要A significant portion of residential mortgages in Hong Kong is adjustable-rate mortgages with variable maturities. A key feature of this type of mortgage is that the maturity and the principal payment adjust to ensure that the monthly installment does not fluctuate when interest rates change. Hence, these mortgages are also known as variable tenor (VRT) mortgages. In contrast to the monthly payment volatility of their fixed maturity variable payment (VRP) counterparts, VRT mortgages impose interest rate risk in the form of variable mortgage maturity. We investigate the value of the VRT feature by analyzing the mortgage choice problem in Hong Kong, and find that it can be used as a screening device to separate borrowers with slower propensities to prepay from those who are likely to prepay their mortgages faster. ? 2003 Elsevier Science B.V. All rights reserved.
着者Chow Y.-F., Liu M.
期刊名称Pacific-Basin Finance Journal
出版年份2003
月份http://aims.cuhk.edu.hk/converis/portal/Publication/1
日期http://aims.cuhk.edu.hk/converis/portal/Publication/1
卷号http://aims.cuhk.edu.hk/converis/portal/Publication/1http://aims.cuhk.edu.hk/converis/portal/Publication/1
期次http://aims.cuhk.edu.hk/converis/portal/Publication/1
出版社Elsevier BV
出版地Netherlands
页次6http://aims.cuhk.edu.hk/converis/portal/Publication/1 - 80
国际标準期刊号0927-538X
电子国际标準期刊号http://aims.cuhk.edu.hk/converis/portal/Publication/1879-0585
语言英式英语
关键词Adjustable-rate mortgages, Mortgage choice
