Shopping Center Financing: Pricing Loan Default Risk

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Peter Chinloy; James Musumeci;
(1994)
  • Journal: Journal of Real Estate Research,volume 9,issue 1,pages49-64
  • Subject:
    • jel: jel:L85

The financing structure of a shopping center is decomposed into an income security and two put options. These put options are respectively held by the borrower against the lender for default, and by the lender against an insurer or reinsurer. The prices of the put optio... View more
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