Intermediary Segmentation in the Commercial Real Estate Market*
研究了美国商业房地产贷款市场中银行、保险公司和CMBS贷款机构之间的竞争与替代关系，发现当CMBS利差上升时，借款人转向其他贷款机构，替代效应抵消了约20%的冲击影响。
Abstract Banks, life insurers, and commercial mortgage‐backed security (CMBS) lenders originate the vast majority of U.S. commercial real estate (CRE) loans. While these lenders compete in the same market, they differ in how they are funded and regulated, and therefore, specialize in loans with different characteristics. We harmonize loan‐level data across the lenders and review how their CRE portfolios differ. We then exploit cross‐sectional differences in loan portfolios to estimate a simple model of frictional substitution across lender types. The substitution patterns in the model match well the observed shift away from CMBS when spreads rose in late 2015 and early 2016. Counterfactuals suggest that the ability to substitute to other lenders offsets about 20% of the effect of a 25 basis point CMBS supply shock.