Using a novel and detailed transaction-level data set of commercial real estate assets, we construct real estate asset portfolios for a comprehensive set of public firms between 2000 and 2013. We find that bank loan spreads incorporate information not only on the alternative uses of a borrower's real estate portfolio, but also on the number of that portfolio's potential buyers. Using surges of foreign investor demand from countries with increased policy uncertainty and also local land-supply elasticity information, we identify plausibly exogenous shocks to commercial real estate prices. We find that, after a region experiences large foreign investor demand, loan spreads become less sensitive to collateral value of real estate holdings.

中文翻译：

---

拖拖拉拉的讨价还价：房地产的上市公司控股*

通过使用新颖且详细的商业房地产资产交易级别数据集，我们为2000年至2013年之间的一整套全面的上市公司构建了房地产资产投资组合。我们发现，银行贷款息差不仅包含有关抵押的替代用途的信息，借款人的房地产投资组合，还取决于该投资组合的潜在购买者数量。利用政策不确定性增加的国家的外国投资者需求激增以及本地土地供应弹性信息，我们确定了对商业房地产价格的合理外生冲击。我们发现，在某个地区遇到大量外国投资者需求后，贷款息差对房地产资产抵押价值的敏感性降低了。