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Learn about the future of management education. A conversation with John C Head III Dean Rick Locke.

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Through intellectual rigor and experiential learning, this full-time, two-year MBA program develops leaders who make a difference in the world.

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Earn your MBA and SM in engineering with this transformative two-year program.

Master of Finance

A rigorous, hands-on program that prepares adaptive problem solvers for premier finance careers.

Master of Business Analytics

A 12-month program focused on applying the tools of modern data science, optimization and machine learning to solve real-world business problems.

Master of Science in Management Studies

Combine an international MBA with a deep dive into management science. A special opportunity for partner and affiliate schools only.

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A doctoral program that produces outstanding scholars who are leading in their fields of research.

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Bring a business perspective to your technical and quantitative expertise with a bachelor’s degree in management, business analytics, or finance.

MBA Early (Deferred admissions option)

Apply now and work for two to five years. We'll save you a seat in our MBA class when you're ready to come back to campus for your degree.

Executive Programs

MIT Executive MBA

The 20-month program teaches the science of management to mid-career leaders who want to move from success to significance.

MIT Sloan Fellows MBA

A full-time MBA program for mid-career leaders eager to dedicate one year of discovery for a lifetime of impact.

System Design & Management

A joint program for mid-career professionals that integrates engineering and systems thinking. Earn your master’s degree in engineering and management.

Executive Education

Non-degree programs for senior executives and high-potential managers.

Visiting Fellows

A non-degree, customizable program for mid-career professionals.

The Missing LTV Cycle

Manuel Adelino, W. Ben McCartney and Antoinette Schoar

Many models of credit cycles rely on changes in collateral constraints to generate boom-bust dynamics in house prices. Contrary to this assumption, we show that the equilibrium loan-to-value (LTV) distribution in the US over the last quarter century was remarkably stable both in the aggregate and region-by-region, despite large and cross-sectionally heterogeneous house price cycles. Although high-LTV mortgages shift between explicit government backing and private lenders over time, their overall fraction does not change. A repeat-sales methodology and an analysis of loan performance confirm that there is limited variation in the distribution of LTVs even within subgroups of the population.

Featured Publication

"The Missing LTV Cycle."

Adelino, Manuel, W. Ben McCartney, and Antoinette Schoar. American Economic Review: Insights. Forthcoming. SSRN.

Learn More about Household Finance Decisions

Current Household Finance Decision projects from the Consumer Finance Initiative cover topics including mortgage refinancing, household saving and investment choices. Find more Household Finance Decision research here.