{"id":{"repo_id":"cornell","oai_identifier":"oai:ecommons.cornell.edu:1813/116328"},"canonical_url":"https://search.dev.ndltd.org/etd/cornell/oai:ecommons.cornell.edu:1813/116328","repository":{"repo_id":"cornell","name":"Cornell University","base_url":"https://ecommons.cornell.edu/server/oai/request"},"display":{"title":"CLIMATE RISK AND CMBS LOAN PRICING","abstract":"This paper examines the impact of climate risk on loan pricing in the CMBS loan market in the US. The study reveals that higher levels of risk are associated with increased credit spreads and decreased loan-to-value ratios. Among climate risk indicators, only Trepp’s high property damage indicators show significant effects on loan credit spread. The findings also suggest potential manipulation of climate risk scores. Additionally, natural hazard data was utilized to assess the response of loan pricing to hazards. It was observed that loan prices increased one month after hazards occurred in Arizona and South Carolina, consistent with previous findings.","abstract_html":"This paper examines the impact of climate risk on loan pricing in the CMBS loan market in the US. The study reveals that higher levels of risk are associated with increased credit spreads and decreased loan-to-value ratios. Among climate risk indicators, only Trepp’s high property damage indicators show significant effects on loan credit spread. The findings also suggest potential manipulation of climate risk scores. Additionally, natural hazard data was utilized to assess the response of loan pricing to hazards. It was observed that loan prices increased one month after hazards occurred in Arizona and South Carolina, consistent with previous findings.","abstract_has_math":false,"creators":["Shen, Weiting"],"institution":"Cornell University","degree_name":"M.S., Applied Economics and Management","degree_level":"Master of Science","degree_discipline":"Applied Economics and Management","degree_department":null,"school":null,"contributors":[],"advisors":[],"committee_chairs":[],"committee_members":["Mao, Yifei"],"year":2024,"date_issued":"2024-08","date_published":"2024-08","updated_at":"2026-07-24T01:49:06Z","subjects":[],"languages":["en"],"rights":[],"rights_urls":[],"identifier_entries":[{"key":"dc:identifier.doi","label":"DOI","values":["https://doi.org/10.7298/4737-f882"],"render_values":[{"text":"https://doi.org/10.7298/4737-f882","href":"https://doi.org/10.7298/4737-f882","code":true}]},{"key":"dc:identifier.other","label":"Dc Identifier Other","values":["ProQuest Submission ID: 12176","ProQuest Publication ID: 31484152"],"render_values":[{"text":"ProQuest Submission ID: 12176","href":null,"code":true},{"text":"ProQuest Publication ID: 31484152","href":null,"code":true}]}]},"links":{"outbound_url":"https://hdl.handle.net/1813/116328","outbound_label":"Handle","outbound_source":"dc:identifier.uri"},"metadata_groups":[{"id":"people","label":"People","entries":[{"key":"dc:contributor.committeemember","label":"Committee Member","values":["Mao, Yifei"]},{"key":"dc:creator","label":"Author","values":["Shen, Weiting"]}]},{"id":"academic_context","label":"Academic Context","entries":[{"key":"dc:date.accessioned","label":"Dc Date Accessioned","values":["2025-01-14T19:39:54Z"]},{"key":"dc:date.available","label":"Dc Date Available","values":["2025-01-14T19:39:54Z"]},{"key":"dc:date.issued","label":"Date","values":["2024-08"]},{"key":"dc:type","label":"Dc Type","values":["dissertation or thesis"]},{"key":"thesis:degree_discipline","label":"Discipline","values":["Applied Economics and Management"]},{"key":"thesis:degree_level","label":"Degree Level","values":["Master of Science"]},{"key":"thesis:degree_name","label":"Degree Name","values":["M.S., Applied Economics and Management"]},{"key":"thesis:institution_name","label":"Thesis Institution Name","values":["Cornell University"]}]},{"id":"language_rights","label":"Language and Rights","entries":[{"key":"dc:language.iso","label":"Language (ISO)","values":["en"]}]},{"id":"identifiers","label":"Identifiers","entries":[{"key":"dc:identifier.doi","label":"DOI","values":["https://doi.org/10.7298/4737-f882"]},{"key":"dc:identifier.other","label":"Dc Identifier Other","values":["ProQuest Submission ID: 12176","ProQuest Publication ID: 31484152"]},{"key":"dc:identifier.uri","label":"Identifier URI","values":["https://hdl.handle.net/1813/116328"]}]},{"id":"additional","label":"Additional Metadata","entries":[{"key":"dc:description","label":"Description","values":["31 pages"]},{"key":"dc:description.abstract","label":"Abstract","values":["This paper examines the impact of climate risk on loan pricing in the CMBS loan market in the US. The study reveals that higher levels of risk are associated with increased credit spreads and decreased loan-to-value ratios. Among climate risk indicators, only Trepp’s high property damage indicators show significant effects on loan credit spread. The findings also suggest potential manipulation of climate risk scores. Additionally, natural hazard data was utilized to assess the response of loan pricing to hazards. It was observed that loan prices increased one month after hazards occurred in Arizona and South Carolina, consistent with previous findings."]},{"key":"dc:format.mimetype","label":"Dc Format Mimetype","values":["application/pdf"]},{"key":"dc:title","label":"Title","values":["CLIMATE RISK AND CMBS LOAN PRICING"]}]}],"canonical_facts":{"dc:contributor.committeemember":["Mao, Yifei"],"dc:creator":["Shen, Weiting"],"dc:date.accessioned":["2025-01-14T19:39:54Z"],"dc:date.available":["2025-01-14T19:39:54Z"],"dc:date.issued":["2024-08"],"dc:description":["31 pages"],"dc:description.abstract":["This paper examines the impact of climate risk on loan pricing in the CMBS loan market in the US. The study reveals that higher levels of risk are associated with increased credit spreads and decreased loan-to-value ratios. Among climate risk indicators, only Trepp’s high property damage indicators show significant effects on loan credit spread. The findings also suggest potential manipulation of climate risk scores. Additionally, natural hazard data was utilized to assess the response of loan pricing to hazards. It was observed that loan prices increased one month after hazards occurred in Arizona and South Carolina, consistent with previous findings."],"dc:format.mimetype":["application/pdf"],"dc:identifier.doi":["https://doi.org/10.7298/4737-f882"],"dc:identifier.other":["ProQuest Submission ID: 12176","ProQuest Publication ID: 31484152"],"dc:identifier.uri":["https://hdl.handle.net/1813/116328"],"dc:language.iso":["en"],"dc:title":["CLIMATE RISK AND CMBS LOAN PRICING"],"dc:type":["dissertation or thesis"],"thesis:degree_discipline":["Applied Economics and Management"],"thesis:degree_level":["Master of Science"],"thesis:degree_name":["M.S., Applied Economics and Management"],"thesis:institution_name":["Cornell University"]},"updated_at":"2026-07-24T01:49:06Z"}