S. Hudson-wilson et Gj. Pappadopoulos, CMBS and the real estate cycle - Traditional models shed no light on the impact of cycles., J PORTFOLIO, 25(2), 1999, pp. 105
Knowledge of market economic cycles and the relationship of specific proper
ty type performance characteristics is crucial to the proper evaluation of
commercial mortgage-backed securities. Loan pools that appear equally well
diversified may, in fact, behave quite differently. In this article, the au
thors show that unexpected and undesirable results may occur ifa full range
of specific market level factors are not considered and appropriately mode
led.