This study examines the effect of bidder competition in acquisitions. We use predictions from
auction theory to test whether acquirers of failed banks overpay (the “winner's curse”) when …

Allocation studies that include commercial real estate as an asset class often rely on
appraisal-based data to measure real estate performance, even though the use of appraisals tends …

Halfway itito the first decade of the new mil-It-nnium, real estate has been a strong per-former.
In fact, the 20-year track record of this asset class shows that real estate has earned its …

This paper demonstrates that even when unbiased appraisals of market value are used in
measuring the investment performance of real estate portfolios, a bias in the rate of return or …

This article models fixed-rate mortgage refinancings and offers an empirical test of the model.
The model relates the probability that a household prepays its residential mortgage to both …

This paper presents a theoretical model of residential mortgage default when borrowers face
beneficial as well as costly relocation opportunities. It amplifies and extends previous work …

A large number of studies has failed to date to identify a robust and economically significant
climate risk premium or climate beta, either at the aggregate or at the sectoral level. The …

… A particularly interesting observation made by Giliberto is that commercial real estate seems
to be hard hit, as distinct from suffering mild pain, in “every other” recession; commercial …

Despite the growth of theoretical mortgage‐pricing research, few empirical tests have been
published. The primary objective of this paper is to provide an empirical test of the contingent…

… MICHAEL GILIBERTO … michael.giliberto@jpmorgan.com … 3Clayton and Giliberto [2006]
suggest that continued innovation in real estate capital markets is blurring the lines that …