Author: Richard A. Graff and John Tung

Start Page: 13
End Page: 32
Volume: 7
Issue Number: 1
Year: 1992
Publication: Journal of Real Estate Research

Abstract: This study uses published mortgage commitment and delinquency data to compare historical and prospective results of investing in well-diversified commercial mortgage portfolios with corresponding investments in long-term Treasury and corporate bonds. The conclusions are that commercial mortgages have been and continue to be efficiency priced, and that mortgages are similar in risk and expected return to lower rated investment-grade corporate bonds.