Ciochetti, Brian A.; Deng, Yongheng; Gao, Bin; Yao, Rui - In: Real Estate Economics 30 (2002) 4, pp. 595-633
This article examines the factors driving the borrower's decision to terminate commercial mortgage contracts with the lender through either prepayment or default. Using loan-level data, we estimate prepayment and default functions in a proportional hazard framework with competing risks, allowing...