An, Xudong; Deng, Yongheng; Gabriel, Stuart A. - In: Journal of Financial Economics 100 (2011) 2, pp. 304-325
We demonstrate that asymmetric information between sellers (loan originators) and purchasers (investors and securities issuers) of commercial mortgages gives rise to a standard lemons problem, whereby portfolio lenders use private information to liquidate lower quality loans in commercial...