作为影子股权的追索权:来自商业房地产贷款的证据

IF 2 3区经济学 Q2 BUSINESS, FINANCE

Real Estate Economics Pub Date : 2023-07-18 DOI:10.1111/1540-6229.12450

David Glancy, Robert Kurtzman, Lara Loewenstein, Joseph Nichols

{"title":"作为影子股权的追索权:来自商业房地产贷款的证据","authors":"David Glancy, Robert Kurtzman, Lara Loewenstein, Joseph Nichols","doi":"10.1111/1540-6229.12450","DOIUrl":null,"url":null,"abstract":"We study the role that recourse plays in the commercial real estate loan contracts of the largest U.S. banks. We find that recourse is valued by lenders as a substitute for conventional equity. At origination, recourse loans have rate spreads that are about 20 basis points lower and loan-to-value ratios that are almost 3 percentage points higher than nonrecourse loans. Dynamically, recourse affects loan modification negotiations by providing additional bargaining power to the lender. Recourse loans were half as likely to receive accommodation during the COVID-19 pandemic, and the modifications that did occur entailed a relatively smaller reduction in payments.","PeriodicalId":47731,"journal":{"name":"Real Estate Economics","volume":"11 2","pages":""},"PeriodicalIF":2.0000,"publicationDate":"2023-07-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"Recourse as shadow equity: Evidence from commercial real estate loans\",\"authors\":\"David Glancy, Robert Kurtzman, Lara Loewenstein, Joseph Nichols\",\"doi\":\"10.1111/1540-6229.12450\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"We study the role that recourse plays in the commercial real estate loan contracts of the largest U.S. banks. We find that recourse is valued by lenders as a substitute for conventional equity. At origination, recourse loans have rate spreads that are about 20 basis points lower and loan-to-value ratios that are almost 3 percentage points higher than nonrecourse loans. Dynamically, recourse affects loan modification negotiations by providing additional bargaining power to the lender. Recourse loans were half as likely to receive accommodation during the COVID-19 pandemic, and the modifications that did occur entailed a relatively smaller reduction in payments.\",\"PeriodicalId\":47731,\"journal\":{\"name\":\"Real Estate Economics\",\"volume\":\"11 2\",\"pages\":\"\"},\"PeriodicalIF\":2.0000,\"publicationDate\":\"2023-07-18\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Real Estate Economics\",\"FirstCategoryId\":\"96\",\"ListUrlMain\":\"https://doi.org/10.1111/1540-6229.12450\",\"RegionNum\":3,\"RegionCategory\":\"经济学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q2\",\"JCRName\":\"BUSINESS, FINANCE\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Real Estate Economics","FirstCategoryId":"96","ListUrlMain":"https://doi.org/10.1111/1540-6229.12450","RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q2","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}

引用次数: 0

摘要

我们研究了追索权在美国最大的银行商业房地产贷款合同中所起的作用。我们发现，贷款人将追索权视为传统权益的替代品。在初始阶段，追索权贷款的利差大约比无追索权贷款低20个基点，贷款与价值比率几乎比无追索权贷款高3个百分点。动态地，追索权通过为贷款人提供额外的议价能力来影响贷款修改谈判。在2019冠状病毒病大流行期间，追索权贷款获得住宿的可能性降低了一半，而且确实发生的修改导致付款减少幅度相对较小。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

查看原文本刊更多论文

Recourse as shadow equity: Evidence from commercial real estate loans

We study the role that recourse plays in the commercial real estate loan contracts of the largest U.S. banks. We find that recourse is valued by lenders as a substitute for conventional equity. At origination, recourse loans have rate spreads that are about 20 basis points lower and loan-to-value ratios that are almost 3 percentage points higher than nonrecourse loans. Dynamically, recourse affects loan modification negotiations by providing additional bargaining power to the lender. Recourse loans were half as likely to receive accommodation during the COVID-19 pandemic, and the modifications that did occur entailed a relatively smaller reduction in payments.

求助全文

通过发布文献求助，成功后即可免费获取论文全文。去求助

来源期刊

Real Estate Economics Multiple-

CiteScore

4.00

自引率

13.60%

发文量

期刊介绍： As the official journal of the American Real Estate and Urban Economics Association, Real Estate Economics is the premier journal on real estate topics. Since 1973, Real Estate Economics has been facilitating communication among academic researchers and industry professionals and improving the analysis of real estate decisions. Articles span a wide range of issues, from tax rules to brokers" commissions to corporate real estate including housing and urban economics, and the financial economics of real estate development and investment.