dc.contributor.author | Eichholtz, Piet | |
dc.contributor.author | Ongena, Steven Roger Godelieve | |
dc.contributor.author | Simeth, Nagihan | |
dc.contributor.author | Yönder, Erkan | |
dc.date.accessioned | 2023-12-20T12:39:42Z | |
dc.date.available | 2023-12-20T12:39:42Z | |
dc.date.created | 2023-07-07T13:47:13Z | |
dc.date.issued | 2023 | |
dc.identifier.citation | Journal of Banking & Finance. 2023, 154 . | en_US |
dc.identifier.issn | 0378-4266 | |
dc.identifier.uri | https://hdl.handle.net/11250/3108402 | |
dc.description.abstract | Comparing banks to non-bank lenders, we investigate whether the geographical distance between lenders, borrowers, and their properties is reflected in the pricing of US mortgages that were included in US commercial mortgage-backed security (CMBS) pools during the 2000 to 2017 period. The difference in loan spreads when the bank-borrower distance increases from zero to the median of about 700 miles is 10 basis points, and this effect is more pronounced if the loan is collateralized by a riskier property. On the contrary, geographical distance does not seem to have any effect on the loan spread of mortgages granted by non-bank lenders. The difference in loan pricing across originator types (even after controlling for key mortgage and property characteristics) suggests that banks and non-bank lenders have different incentives, lending technologies, and/or different types of borrowers. Our results contribute to the emerging literature on non-bank lender behavior. | en_US |
dc.language.iso | eng | en_US |
dc.publisher | Elsevier | en_US |
dc.rights | Navngivelse 4.0 Internasjonal | * |
dc.rights.uri | http://creativecommons.org/licenses/by/4.0/deed.no | * |
dc.title | Banks, non-banks, and the incorporation of local information in CMBS loan pricing | en_US |
dc.title.alternative | Banks, non-banks, and the incorporation of local information in CMBS loan pricing | en_US |
dc.type | Peer reviewed | en_US |
dc.type | Journal article | en_US |
dc.description.version | publishedVersion | en_US |
dc.source.pagenumber | 21 | en_US |
dc.source.volume | 154 | en_US |
dc.source.journal | Journal of Banking & Finance | en_US |
dc.identifier.doi | 10.1016/j.jbankfin.2023.106918 | |
dc.identifier.cristin | 2161453 | |
cristin.ispublished | true | |
cristin.fulltext | original | |
cristin.qualitycode | 2 | |