| 000 | 02479cam a22003617 4500 | ||
|---|---|---|---|
| 001 | w15650 | ||
| 003 | NBER | ||
| 005 | 20211020111311.0 | ||
| 006 | m o d | ||
| 007 | cr cnu|||||||| | ||
| 008 | 210910s2010 mau fo 000 0 eng d | ||
| 100 | 1 |
_aGoetzmann, William N. _911511 |
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| 245 | 1 | 0 |
_aSecuritization in the 1920's / _cWilliam N. Goetzmann, Frank Newman. |
| 260 |
_aCambridge, Mass. _bNational Bureau of Economic Research _c2010. |
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| 300 |
_a1 online resource: _billustrations (black and white); |
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| 490 | 1 |
_aNBER working paper series _vno. w15650 |
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| 500 | _aJanuary 2010. | ||
| 520 | 3 | _aThis paper quantifies the scale and scope of the commercial real estate mortgage bond market in the period surrounding the 1920s in an attempt to better understand the role of retail mortgage debt in early urban development. In particular, this paper quantifies the size of the market, identifies risk factors affecting the coupon yield spread over Treasuries and utilizes a unique data set to construct a commercial mortgage price index over the period 1926-1935. | |
| 520 | 3 | _aA substantial retail appetite for real estate securities during this period may have significantly contributed to a real construction boom, but overly optimistic speculation in these securities may have led to overbuilding. The rapid deterioration of these securities and a near complete drop in issuance show, ex post, that investors were overconfident in building fundamentals during the boom years. The breakdown in the value of real estate securities as collateral assets preceded the crash of 1929 and may have contributed to the fall of asset prices more generally. | |
| 530 | _aHardcopy version available to institutional subscribers | ||
| 538 | _aSystem requirements: Adobe [Acrobat] Reader required for PDF files. | ||
| 538 | _aMode of access: World Wide Web. | ||
| 588 | 0 | _aPrint version record | |
| 690 | 7 |
_aL85 - Real Estate Services _2Journal of Economic Literature class. |
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| 690 | 7 |
_aN0 - General _2Journal of Economic Literature class. |
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| 690 | 7 |
_aN2 - Financial Markets and Institutions _2Journal of Economic Literature class. |
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| 700 | 1 | _aNewman, Frank. | |
| 710 | 2 | _aNational Bureau of Economic Research. | |
| 830 | 0 |
_aWorking Paper Series (National Bureau of Economic Research) _vno. w15650. |
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| 856 | 4 | 0 | _uhttps://www.nber.org/papers/w15650 |
| 856 |
_yAcceso en línea al DOI _uhttp://dx.doi.org/10.3386/w15650 |
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_2ddc _cW-PAPER |
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| 999 |
_c332472 _d291034 |
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