Moral and Social Constraints to Strategic Default on Mortgages

Luigi Guiso, Paola Sapienza, Luigi Zingales

NBER Working Paper No. 15145
Issued in July 2009

---- Acknowledgements -----

We would like to thank the University of Chicago Booth School of Business and Kellogg School of Management for financial support in establishing and maintaining the Chicago Booth / Kellogg School Financial Trust Index. Luigi Guiso is grateful to PEGGED for financial support. We also thank Amir Sufi for very useful suggestions. Peggy Eppink provided excellent editorial help. 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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