REAL-ESTATE TAXATION AND COMMERCIAL MORTGAGE UNDERWRITING

被引：0
|
作者：
SHILTON, L
OCONNOR, W
TEALL, J
WEBB, JR
机构：
[1] FORDHAM GRAD SCH BUSINESS,LINCOLN CTR,DEPT ACCOUNTING,NEW YORK,NY 10023
[2] NYU,DEPT FINANCE,NEW YORK,NY 10006
[3] CLEVELAND STATE UNIV,DEPT FINANCE,CLEVELAND,OH 44115
来源：
DECISION SCIENCES | 1992年 / 23卷 / 05期
关键词：
D O I：
10.1111/j.1540-5915.1992.tb00441.x
中图分类号：
C93 [管理学];
学科分类号：
12 ; 1201 ; 1202 ; 120202 ;
摘要：
Recent disclosures about problem commercial real estate loans have exposed the underwriting process to intense scrutiny. This study focuses on mortgage loan underwriters of life insurance companies. After a review of the tax changes that affected commercial real estate from 1969 through 1988, the study tests how loan underwriters reacted to changes in tax benefits. To overcome the interdependent effects of interest rates and capitalization rates, a variation of the Black-Scholes pricing model is used to test the impact of changes in tax benefits. The results indicate that the underwriters do not fully incorporate the value of tax benefits in the underwriting decision. During the period of the largest tax benefits, 1982 to 1986, underwriters became more conservative and increased their equity requirements.
引用
收藏
页码：1162 / 1173
页数：12
相关论文
共 50 条
12345