This paper is an empirical exploration of the determinants of the required credit spreads on highly leveraged transaction (HLT) loans. The analysis uses a multi-factor spread model to estimate the movement of loan spreads relative to spreads required in the (competing) corporate bond market as...

This paper uses real estate investment data for major groups of U.S. financial institutions--- commercial banks, thrifts and life insurance companies to evaluate their investment timing performance over the 1970-1989 period. Our finding is that real estate investments by these institutions have...

This paper uses real estate investment data for major groups of U.S. financial institutions - commercial banks, thrifts, and life insurance companies - to evaluate their investment timing performance over the 1970 - 1989 period. Our major finding is that real estate investments by commercial...