For many years operating companies around the world generally have owned their realestate assets. In the United States alone it is estimated that corporate users own nearly $2 trillion,or roughly half of all commercial property. Companies own not only their production facilities,but frequently...

The existing literature in commercial mortgage defaults focuses on the process for loans in the current status to the default status. This study recognizes that commercial mortgage default is not a one-step process and examines a previously unexplored aspect in the whole default process, that is...

This paper investigates the impact of spatially correlated unobservable variables on the refinancing, selling, and default decisions of mortgage borrowers. Virtually the entire mortgage literature acknowledges that borrower specific characteristics, such as culture, education, or access to...

Returns for commercial real estate are determined by the interaction between the market for space or "space market" and the market for capital or "capital market." In the space market, tenants lease space and short run rental rates are determined by the supply and demand for space. Discount and...

REIT is an important but complex financial innovation. The next decade is likely to see the emergence and fast development of REITs market in China. The development of a sound legal and regulatory infrastructure is a critical first step. Obviously, the lessons in the 48 years development of the...

Empirical evidence shows that the value of units in a building generally rises with their floor level due to features such as the better view and lesser noise experienced in higher stories. We adopt a theoretical approach for examining the value of units in different floors based on the...

We analyze the insurance premium structure of reverse mortgage loans in Korea. Our analyses provide a comparison between the reverse mortgage loans structured with constant monthly payments to those structured with graduated monthly payments which are indexed to the growth rate of consumer...

Mortgage terminations arise because borrowers exercise options. This paper investigates the apparently irrational behavior of those borrowers who do not terminate their mortgages even when the exercise value of the option is deeply in the money. We develop an option-based empirical model to...

Large racial differences in home ownership have been a source of considerable concernamong policymakers because homeownership choice may influence wealth accumulation, labormarket outcomes, and even children's educational outcomes. Racial differences in ownershiprates may be affected by...

The residential mortgage market becomes a financial engine for the booming residential housing development and sustained economic growth in China. Our study provides the first rigorous empirical analysis on the earlier performance of residential mortgage market in China based on a unique micro...