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Essays on Industrial Economics
Essays on Industrial Economics
상세정보
- 자료유형
- 학위논문 서양
- 최종처리일시
- 20260202103210
- ISBN
- 9798315797654
- DDC
- 640
- 저자명
- Salas, Jose D.
- 서명/저자
- Essays on Industrial Economics
- 발행사항
- [Sl] : Northwestern University, 2025
- 발행사항
- Ann Arbor : ProQuest Dissertations & Theses, 2025
- 형태사항
- 223 p
- 주기사항
- Source: Dissertations Abstracts International, Volume: 86-12, Section: B.
- 주기사항
- Advisor: Porter, Robert.
- 학위논문주기
- Thesis (Ph.D.)--Northwestern University, 2025.
- 초록/해제
- 요약This dissertation investigates how institutional factors, market structure, firm behavior, and consumer behavior interactions jointly shape outcomes across a range of financial and product markets. While the chapters span diverse settings-from mortgage lending and securitization to mergers in consumer packaged goods-they are unified by a focus on the strategic responses of market participants to the incentives and constraints of their environments. The work combines structural modeling with empirical analysis to study how market outcomes are driven by heterogeneity in firm behavior, the organization of intermediaries, and the assumptions embedded in structural estimation tools.The first chapter examines the rise of shadow banks in the U.S. mortgage market following the 2008 financial crisis. These non-bank lenders now originate the majority of U.S. mortgages, yet operate under different incentives and regulatory oversight compared to traditional banks. Using a structural model of borrower-lender matching, I analyze how differences in screening practices and borrower risk profiles influence market outcomes such as interest rates and adverse selection. Counterfactual simulations highlight the role of lender heterogeneity in shaping equilibrium outcomes and provide insights for credit market regulation.The second chapter, joint with Brandon Zborowski, focuses on vertical integration in the commercial mortgage-backed securities (CMBS) market. Specifically, it studies the behavior of lenders that are vertically integrated with investment banks and how their integration affects the terms and timing of loan origination and securitization. The analysis combines empirical evidence with a structural model of loan pool formation and investors that purchase these securities, showing that integrated lenders benefit from preferential treatment in securitization. This leads to lower interest rates and faster execution for their loans, although pool diversification dynamics impose natural limits and acts as an opposite force. Pools become more diversified when non integrated lenders contribute to them which allows them to lend in equilibrium despite being costlier. Counterfactual exercises reveal that removing prioritization would significantly reduce rate gaps and reshape securitization dynamics and increase the overall volume of lending in this market.The third chapter, joint with Vivek Bhattacharya, Gaston Illanes, Avner Kreps, and David Stillerman, shifts focus to the industrial organization of consumer packaged goods markets. It evaluates the predictive performance of merger simulations using a unique dataset of 37 real-world mergers. Despite the widespread use of unilateral effects models in merger review, we find that these models do not reliably predict actual post-merger price changes, either across mergers or within regional markets. While some of the mismatch may stem from changes in product assortments, this explanation applies only to a small subset of cases. Ongoing work seeks to expand the sample and test more flexible demand systems.Together, these chapters highlight the importance of institutional detail and firms equilibrium responses in evaluating policy and market interventions. By combining structural modeling with rich data, the dissertation contributes to a deeper understanding of how firm and consumer behavior, and regulation interact in practice to shape equilibrium outcomes.
- 일반주제명
- Home economics
- 일반주제명
- Finance
- 키워드
- Firm behavior
- 키워드
- Credit markets
- 키워드
- Mortgage lending
- 기타저자
- Northwestern University Economics
- 기본자료저록
- Dissertations Abstracts International. 86-12B.
- 전자적 위치 및 접속
- 로그인 후 원문을 볼 수 있습니다.
MARC
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■00520260202103210
■006m o d
■007cr#unu||||||||
■020 ▼a9798315797654
■035 ▼a(MiAaPQ)AAI32001017
■040 ▼aMiAaPQ▼cMiAaPQ
■0820 ▼a640
■1001 ▼aSalas, Jose D.
■24510▼aEssays on Industrial Economics
■260 ▼a[Sl]▼bNorthwestern University▼c2025
■260 1▼aAnn Arbor▼bProQuest Dissertations & Theses▼c2025
■300 ▼a223 p
■500 ▼aSource: Dissertations Abstracts International, Volume: 86-12, Section: B.
■500 ▼aAdvisor: Porter, Robert.
■5021 ▼aThesis (Ph.D.)--Northwestern University, 2025.
■520 ▼aThis dissertation investigates how institutional factors, market structure, firm behavior, and consumer behavior interactions jointly shape outcomes across a range of financial and product markets. While the chapters span diverse settings-from mortgage lending and securitization to mergers in consumer packaged goods-they are unified by a focus on the strategic responses of market participants to the incentives and constraints of their environments. The work combines structural modeling with empirical analysis to study how market outcomes are driven by heterogeneity in firm behavior, the organization of intermediaries, and the assumptions embedded in structural estimation tools.The first chapter examines the rise of shadow banks in the U.S. mortgage market following the 2008 financial crisis. These non-bank lenders now originate the majority of U.S. mortgages, yet operate under different incentives and regulatory oversight compared to traditional banks. Using a structural model of borrower-lender matching, I analyze how differences in screening practices and borrower risk profiles influence market outcomes such as interest rates and adverse selection. Counterfactual simulations highlight the role of lender heterogeneity in shaping equilibrium outcomes and provide insights for credit market regulation.The second chapter, joint with Brandon Zborowski, focuses on vertical integration in the commercial mortgage-backed securities (CMBS) market. Specifically, it studies the behavior of lenders that are vertically integrated with investment banks and how their integration affects the terms and timing of loan origination and securitization. The analysis combines empirical evidence with a structural model of loan pool formation and investors that purchase these securities, showing that integrated lenders benefit from preferential treatment in securitization. This leads to lower interest rates and faster execution for their loans, although pool diversification dynamics impose natural limits and acts as an opposite force. Pools become more diversified when non integrated lenders contribute to them which allows them to lend in equilibrium despite being costlier. Counterfactual exercises reveal that removing prioritization would significantly reduce rate gaps and reshape securitization dynamics and increase the overall volume of lending in this market.The third chapter, joint with Vivek Bhattacharya, Gaston Illanes, Avner Kreps, and David Stillerman, shifts focus to the industrial organization of consumer packaged goods markets. It evaluates the predictive performance of merger simulations using a unique dataset of 37 real-world mergers. Despite the widespread use of unilateral effects models in merger review, we find that these models do not reliably predict actual post-merger price changes, either across mergers or within regional markets. While some of the mismatch may stem from changes in product assortments, this explanation applies only to a small subset of cases. Ongoing work seeks to expand the sample and test more flexible demand systems.Together, these chapters highlight the importance of institutional detail and firms equilibrium responses in evaluating policy and market interventions. By combining structural modeling with rich data, the dissertation contributes to a deeper understanding of how firm and consumer behavior, and regulation interact in practice to shape equilibrium outcomes.
■590 ▼aSchool code: 0163.
■650 4▼aHome economics
■650 4▼aFinance
■653 ▼aIndustrial economics
■653 ▼aFirm behavior
■653 ▼aConsumer behavior
■653 ▼aCredit markets
■653 ▼aMortgage lending
■690 ▼a0501
■690 ▼a0511
■690 ▼a0454
■690 ▼a0508
■690 ▼a0386
■71020▼aNorthwestern University▼bEconomics.
■7730 ▼tDissertations Abstracts International▼g86-12B.
■790 ▼a0163
■791 ▼aPh.D.
■792 ▼a2025
■793 ▼aEnglish
■85640▼uhttp://www.riss.kr/pdu/ddodLink.do?id=T17357341▼nKERIS▼z이 자료의 원문은 한국교육학술정보원에서 제공합니다.
