This paper presents an analysis of mortgage delinquency between 2004 and 2008 using a loan-level data set from a major national mortgage bank. Our analysis highlights two problems underlying the mortgage crisis: a reliance on mortgage brokers who tend to originate lower-quality loans and a prevalence of low-documentation loans—known in the industry as “liar's loans”—that result in borrower information falsification. While over three-quarters of the difference in delinquency rates between bank and broker channels can be attributed to observable loan and borrower characteristics, the delinquency difference between full- and low-documentation mortgages is due to unobservable heterogeneity, about half of it potentially due to income falsification.

This paper examines voluntary contributions to public education via charitable school foundations, booster clubs, parent teacher associations, and parent teacher organizations. We use panel data on school-supporting charities with national coverage from 1995 to 2010, which we geocode and match to school districts. We document the meteoric rise of school-supporting nonprofits during this panel, and then estimate a series of regression models to examine the distributional consequences of voluntary contributions. We find relatively large districts have higher probabilities of receiving revenues from a school-supporting nonprofit but the level of per-pupil voluntary contributions declines with student enrollment. In addition, we find school districts with higher endowments have higher probabilities of being served by at least one school-supporting nonprofit and higher levels of per-pupil contributions. Finally, we find no evidence that impressive recent growth in the number and financial size of these school-supporting charities relates to reductions in the public financing of schools.

We explore the discipline gap between Black and White students and between Hispanic and White students using a statewide student-level panel data set on Indiana public school students attending prekindergarten through 12th grade from 2008-2009 through 2013-2014. We demonstrate that the Black-White disciplinary gaps, defined in a variety of ways and robust to a series of specification tests, emerge as early as in prekindergarten and widen with grade progression. The magnitude of these disciplinary gaps attenuates by about half when we control for many student-and school-level characteristics, but it persists within districts and schools. In contrast, we find that Hispanic-White gaps are initially null and statistically insignificant at the prekindergarten/kindergarten level and attenuate substantially after adjustment for cross-school (district) variation and other covariates. We further disentangle the discipline gap using a decomposition technique that provides empirical support for the hypothesis that Black students nonrandomly sort into more punitive disciplinary environments.

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This article investigates local government responses to fiscal stress through the lens of the K–12 public education sector, examining two major policy options available to school districts for managing fiscal hardship: (1) cutting costs, especially through layoffs, and (2) raising revenues locally through voter referenda. The article employs district‐level administrative and survey data from California and Indiana to examine whether school districts exhibit features of a rational or natural system—in which their behaviors largely reflect fiscal pressures only—or whether they exhibit features of an open system in which nonfinancial factors also shape responses. In Indiana, district fiscal characteristics explain differences in cost‐cutting and revenue‐raising behaviors; there is little empirical evidence that school districts exhibit features of an open system. In California, both fiscal and environmental attributes, including poverty characteristics, average student achievement levels, and the enrollment of English learner students, explain school district behaviors.