CMOs의 가치평가에 관한 연구: 채무불이행 위험을 중심으로

• 영문명: Appraisal of CMOs(Collateralized-Mortgage Obligations): Focused on Default Risk
• 발행기관: 한국부동산정책학회
• 저자명: 조명환(Cho, Myeonghwan) 전재범(Jun, Jaebum)
• 간행물 정보: 『부동산정책연구』제23집 제1호, 21~41쪽, 전체 21쪽
• 주제분류: 사회과학 > 정책학
• 파일형태: PDF
• 발행일자: 2022.06.30

영문 초록

This study empirically analyzed whether real estate policies have a significant effect on housing sales, jeonse prices, and land sales prices using MBS is not active in Korea due to difficulties in evaluation. In the appraisal of MBS, the default risk is a cost that someone has to bear even if the government agency removes it through relevant guarantees. In this study, five CMOs data are evaluated and analyzed through the financial model developed based on traditional capital budgeting theory, option pricing theory, and Cho & Jun(2019)’s model recognizing that housing price fluctuation is an important factor affecting the default risk in MBS. Finally, the results drawn from this study help provide a theoretical framework for the valuation of MBS and show relevant implications for rational decision-making to MBS-related entities.

목차

Ⅰ. 서론

Ⅱ. 선행연구의 검토

Ⅲ. 금융모델의 구성

Ⅳ. CMOs를 활용한 사례분석

Ⅴ. 결론 및 시사점

키워드

Appraisal Mortgage Loan CMOs(Collaterallized-Mortgage Obligations) Default Risk Option Pricing Theory