NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Liquidity Constraints and Imperfect Information in Subprime Lending

William Adams, Liran Einav, Jonathan Levin

NBER Working Paper No. 13067
Issued in April 2007

---- Acknowledgements -----

We thank Raj Chetty, Amy Finkelstein, Robert Hall, Richard Levin, and many seminar participants for suggestions and encouragement. Mark Jenkins provided stellar research assistance and Ricky Townsend greatly assisted our early data analysis. Einav and Levin acknowledge the support of the National Science Foundation and the Stanford Institute for Economic Policy Research, and Levin acknowledges the support of the Alfred P. Sloan Foundation. The views expressed herein are those of the author(s) and do not necessarily reflect the views of the National Bureau of Economic Research.

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