Graduation Year


Date of Submission


Document Type

Campus Only Senior Thesis

Degree Name

Bachelor of Arts



Reader 1

Richard C.K. Burdekin

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In this study, we seek to determine the effects of commercial real estate concentrations on major exchange-traded U.S. banks’ balance sheets on quarterly returns. We find that at banks with fewer than $50 billion in total assets, concentrations of Commercial Real Estate loans make up a greater proportion of their overall loan portfolio and are negatively associated with quarterly returns between 2015 Q1 and 2023 Q4, especially after 2020 Q2. We also find that certain proxies for the CAMELS bank safety ratings components affect quarterly returns, as well as macroeconomic conditions, specifically the Federal Funds Target Rate.

This thesis is restricted to the Claremont Colleges current faculty, students, and staff.