We survey the properties of commercial real estate (CRE) as an asset class. We first
illustrate its importance relative to the US economy and to other asset classes. We then …

In stark contrast with liquid asset returns, commercial real estate idiosyncratic return means
and variances do not scale with the holding period, even after accounting for all cash flow …

We use a unique loan-level dataset to compare portfolio and securitized commercial real
estate loans. The paper documents how the types of loans banks choose to hold in their …

Banks modify more CRE loans than CMBS, contributing to better loan performance when
property incomes decline. However, banks have higher delinquency rates for less-stressed …

I show how financial intermediaries affect rental housing quality and affordability by
supplying real estate investors with financing for quality improvement projects (ie …

This paper documents that complex financial innovations like collateralized debt obligations
(CDOs) enabled informed parties in the commercial mortgage-backed securitization pipeline …

We study how debt overhang affects firms' capacity to respond to shocks using exogenous
changes in the leverage of commercial retail properties. We employ a difference-in …

Based on recent neuroscience findings, we consider the brain to be a Bayesian prediction
engine operating under a resource constraint. It meets incoming information with predictions …

Banks, life insurers, and commercial mortgage‐backed security (CMBS) lenders originate
the vast majority of US commercial real estate (CRE) loans. While these lenders compete in …

This paper examines the contrasting influence of portfolio lending and securitization in the
resolution of distressed commercial real estate. The empirical analysis utilizes a large and …