Recourse as shadow equity: Evidence from commercial real estate loans
研究了美国大银行商业房地产贷款合同中追索权的作用，发现追索权被贷方视为传统股权的替代品，能降低利率约20个基点、提高贷款价值比近3个百分点，并在疫情期间减少贷款修改的可能性。
Abstract We study the role that recourse plays in the commercial real estate loan contracts of the largest U.S. banks. We find that recourse is valued by lenders as a substitute for conventional equity. At origination, recourse loans have rate spreads that are about 20 basis points lower and loan‐to‐value ratios that are almost 3 percentage points higher than nonrecourse loans. Dynamically, recourse affects loan modification negotiations by providing additional bargaining power to the lender. Recourse loans were half as likely to receive accommodation during the COVID‐19 pandemic, and the modifications that did occur entailed a relatively smaller reduction in payments.