Real Estate Taxation and Commercial Mortgage Underwriting
研究人寿保险公司抵押贷款承销人员如何应对1969至1988年间房地产税收政策变化，发现他们未完全将税收优惠价值纳入决策，且在税收优惠最大时期反而更保守、提高权益要求。
ABSTRACT Recent disclosures about problem commercial real estate loans have exposed the underwriting process to intense scrutiny. This study focuses on mortgage loan underwriters of life insurance companies. After a review of the tax changes that affected commercial real estate from 1969 through 1988, the study tests how loan underwriters reacted to changes in tax benefits. To overcome the interdependent effects of interest rates and capitalization rates, a variation of the Black‐Scholes pricing model is used to test the impact of changes in tax benefits. The results indicate that the underwriters do not fully incorporate the value of tax benefits in the underwriting decision. During the period of the largest tax benefits, 1982 to 1986, underwriters became more conservative and increased their equity requirements.