题  目：Commercial Real Estate, Distress and Financial Resolution

时  间：2015年6月11日（周四）10:00-11:30

地  点：002cc白菜资讯（3号楼）422会议室

主讲人：徐丕荪教授

主办单位：002cc白菜资讯、2023白菜网所有网站中国金融研究院、2023白菜网所有网站应用经济学基地金融学方向、2023白菜网所有网站财富管理与量化投资协同创新中心

Abstract:

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 unique data set of distressed commercial mortgages. The data set is constructed based on the recent financial crisis and includes portfolio and securitized loans. The main hypotheses address the marginal impact of portfolio versus securitized loans on the likelihood of resolution, resolution outcome, time to resolution and capital recovery rates. Conditional on a loan becoming troubled, we find that distressed commercial real estate loans held in a portfolio are more likely to be resolved and experience higher foreclosure rates compared to those that are securitized. Furthermore, portfolio loans experience shorter time to resolution and higher capital recovery rates when resolution is relatively swift. Our study is intended to contribute to the growing literature on distressed asset resolution and to provide new perspectives on how different lending options impact the financial resolution and workout process in a distressed commercial mortgage market.

主讲人简介

徐丕荪，美国丹佛大学丹尼尔商学院金融系终生教授，华盛顿大学金融学博士 （University of Washing），徐博士的研究领域为：公司理财，公司治理，信息金融，房地产金融，目前已在Journal of Financial and Quantitative Analysis (JFQA)、Journal of Banking and Finance、Financial Management、Journal of Real Estate Finance and Economics等国际顶级学术期刊发表论文数十篇。