Industrial Real Estate Mortgage Default Experience of the New York State Job Development Authority Second Loan Program: A Preliminary Investigation
研究公共工业贷款机构的贷款损失经验，发现负净资产和企业破产与违约强相关，且借款人未及时行使看跌期权，提示提前监控净资产可降低风险。
This paper explores the loan loss experience of a public industrial lending authority, employing contemporaneous borrower net equity as a link to mortgage loan default. The relationship between default, net equity and bankruptcy is tested on a small longitudinal data set of loans using nonparametric statistics and a proportional hazard model. Results show that negative net equity and firm bankruptcy are strongly associated with default among the study population. Further, the borrowers studied did not exercise the put option promptly, suggesting potential benefits from monitoring net equity one year or more prior to default.