Vandell, Kerry D.; Barnes, Walter; Hartzell, David; … - In: Real Estate Economics 21 (1993) 4, pp. 451-480
This paper examines the theory of commercial mortgage default and tests it using a data set of 2,899 loan histories provided by a major multi-line insurance company. A default model is estimated which relates subsequent default incidence and timing to contemporaneous loan term, borrower,...