Stanton, Richard; Wallace, Nancy E. - 2010
and 1980s and, overall, the CMBS and CMBX markets performed as normal during the financial crisis (at least by the …"This paper analyzes the performance of the commercial mortgage-backed security (CMBS) market before and during the … recent financial crisis. Using a comprehensive sample of CMBS deals from 1996 to 2008, we show that (unlike the residential …