Recoveries on Distressed Real Estate and The Relative Efficiency of Public versus Private Management
研究了FSLIC接管困境商业房地产的回收率，发现人均收入上升市场的房产回收率更高，准私人管理比公共管理回收率更高，而私人承包商管理回收率更低。
This study examines average recoveries from distressed commercial real estate assets held by FSLIC receiverships, and explores differences in the relative efficiency of public versus quasi‐private and private entities in the management of these assets. It finds that properties located in markets with rising per capita income and properties that were judged to be less difficult to manage and sell provided higher recoveries, while properties with smaller writedowns prior to government takeover provided lower recoveries. The analysis also provides evidence that quasi‐private management by the Federal Asset Disposition Agency provided higher mean recoveries, while private management by contractors provided lower mean recoveries than did public management by FSLIC receivership staff.