Titman, Sheridan; Tsyplakov, Sergey - In: Review of Financial Studies 23 (2010) 9, pp. 3558-3594
This article examines information and incentive problems that can exist in the market for commercial mortgages that are pooled and repackaged as commercial mortgage-backed securities (CMBSs). We find that mortgages that are originated by institutions with large negative stock returns in the...