This paper uncovers if and how insurance companies react to shocks to collateral in their portfolio of securitized … to holders of commercial mortgage-backed securities (CMBS). Using detailed micro data, we show that cash flow shocks … during the COVID-19 pandemic predict CRE mortgage delinquency, especially those stemming from lease expiration of offices …

This paper uncovers if and how insurance companies react to shocks to collateral in their portfolio of securitized … to holders of commercial mortgage-backed securities (CMBS). Using detailed micro data, we show that cash flow shocks … during the COVID-19 pandemic predict CRE mortgage delinquency, especially those stemming from lease expiration of offices …

an important predictor of mortgage default. Specifically, individuals that pledge higher collateral have a lower hazard …Individuals and firms pledge collateral to mitigate agency costs or contracting frictions in a world with asymmetric … firms and individuals should default on their debt contract irrespective of the initial collateral pledged. In this paper …