Two expected returns

Charles G. Nathanson

CRE investors’ subjective expected returns diverge from their required returns when prices are high, driven by optimistic income-growth expectations that investors appear to view as largely unpriced.

Real effects of rollover risk: evidence from hotels in crisis

Anthony A. DeFusco, Charles G. Nathanson, and Michael Reher
Revise and resubmit, Journal of Finance

Hotel owners facing mortgage maturities during the COVID-19 crisis booked fewer guests and cut their wage bills more than owners of hotels with mortgages that matured just before the COVID-19 crisis.