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SUMMARY:Strategic Default and Renegotiation: Evidence from Commercial Real
  Estate Loans - Erkan Yönder (Concordia University)
DTSTART:20220210T130000Z
DTEND:20220210T140000Z
UID:TALK161938@talks.cam.ac.uk
CONTACT:CERF/CF Admin
DESCRIPTION:We study strategic default in commercial real estate loans in 
 a setting where the borrowers hold multiple such loans and the borrower ca
 sh flow is disclosed. We find that the majority of delinquent loans are he
 ld by borrowers that continue to meet their debt obligations in their othe
 r mortgages and that also have cash flow to meet their delinquent obligati
 ons. The pervasiveness of strategic defaults is robust to alternative ways
  to identify them. Loans in their final year\, interest-only loans\, and l
 oans with high Current Loan-to-Value are more likely to be subject to stra
 tegic default. Our IV analysis reflects that strategically defaulted borro
 wers are also more likely to have their loans restructured.
LOCATION:Online
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