Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/333957 
Year of Publication: 
2025
Series/Report no.: 
Bank of Finland Research Discussion Papers No. 12/2025
Publisher: 
Bank of Finland, Helsinki
Abstract: 
The commercial real estate (CRE) market is an important source of financial stability risks, yet ownership structures remain opaque. This paper uses comprehensive Finnish register data to construct firm-level ownership network and identify owners of CRE firms. We document that government entities are the most important ultimate owners, holding about 10% of the sector's balance sheet. We show that government ownership predicts lower interest rate spreads on CRE bank loans, consistent with creditors perceiving such firms as less risky. Our results highlight the need to incorporate ownership structures into financial stability assessments and credit risk models.
Subjects: 
CRE
networks
firm ownership
loan pricing
financial stability
JEL: 
R33
G10
C63
Persistent Identifier of the first edition: 
Document Type: 
Working Paper

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