to holders of commercial mortgage-backed securities (CMBS). Using detailed micro data, we show that cash flow shocks …, reflecting lower demand for these properties. Insurers react to such cash flow shocks by selling more exposed CMBS—mirrored by a … surge in small banks holding CMBS—and the composition of their CMBS portfolio affects their trading behavior in other assets …

to holders of commercial mortgage-backed securities (CMBS). Using detailed micro data, we show that cash flow shocks …, reflecting lower demand for these properties. Insurers react to such cash flow shocks by selling more exposed CMBS-mirrored by a … surge in small banks holding CMBS-and the composition of their CMBS portfolio affects their trading behavior in other assets …

to holders of commercial mortgage-backed securities (CMBS). Using detailed micro data, we show that cash flow shocks …, reflecting lower demand for these properties. Insurers react to such cash flow shocks by selling more exposed CMBS—mirrored by a … surge in small banks holding CMBS—and the composition of their CMBS portfolio affects their trading behavior in other assets …

to holders of commercial mortgage-backed securities (CMBS). Using detailed micro data, we show that cash flow shocks …, reflecting lower demand for these properties. Insurers react to such cash flow shocks by selling more exposed CMBS-mirrored by a … surge in small banks holding CMBS-and the composition of their CMBS portfolio affects their trading behavior in other assets …

-backed securities (CMBS). The predictions of the model are strongly supported by the data. In addition, this paper looks at the … determinants of early redemption. CMBS originated inside the peak bubble years of 2005-2007 were much less likely to be redeemed …

their properties is reflected in the pricing of US mortgages that were included in US CMBS pools during the 2000 to 2017 …