Iman Nosratian
Ph.D. Candidate in Finance
Carlos Alvarez College of Business, University of Texas at San Antonio
About
I am a Ph.D. candidate in Finance at the University of Texas at San Antonio, and a candidate on the 2026–27 academic job market for faculty positions beginning Fall 2027. My research is in real estate finance, fixed income, and securitization. I study how security design and deal structure reveal information about collateral quality and how contractual priority shapes the transmission of distress into investor returns.
Job Market Paper
Do Investment Grade CMBS Bonds Deliver Their Promised Returns?
Using complete lifecycle cash flows for 1,666 investment-grade CMBS bonds from 649 private-label deals issued between 2003 and 2021, we compare promised yields at issuance with realized yields through resolution. The median realized-minus-promised yield gap is only −3.9 basis points, but the mean is −437 basis points because severe underdelivery is concentrated in principal-impaired bonds. Within the same deal and month, collateral deterioration reaches less-protected bonds more strongly, showing how contractual priority governs the transmission of distress into bond cash flows and realized returns.
Accepted for presentation, 2027 AREUEA-ASSA Conference, Washington, DC.
Research
Publication
Loan Category and CMBS Deal Structure: A Historical Perspective from 1999 to 2022
with Karan Bhanot and Tony Ciochetti
The Journal of Fixed Income 34(4), Spring 2025, 6-31
Using 5,345 CMBS deals issued between 1999 and 2022, we show that loan category explains substantial variation in deal structure, particularly subordination and maturity, and to a lesser extent complexity. This relationship becomes more pronounced after 2016, following the implementation of stricter risk-retention requirements.
Working Paper
Do Complex CMBS Deals Contain More Bad Loans?
with Karan Bhanot and Tony Ciochetti
Using 214,010 loans across 1,696 private-label CMBS deals, we show that complexity was informative about collateral risk before the financial crisis: a one-standard-deviation increase in AAA tranche count is associated with 2.34 percentage points more loan nonperformance, concentrated in conduit and small-loan transactions. After 2010, the aggregate relation survives within-underwriter-vintage comparisons but disappears once transaction type is held fixed, showing that the apparent post-crisis complexity signal largely reflects changes in what was securitized.
Research in Progress
Securitization Without Pooling: Security Design in SASB CMBS
with Karan Bhanot and Tony Ciochetti
Mortgage Rate Lock-In, MBS Prepayment Compression, and Housing Supply Freeze
with Mo Fallah
Teaching
Instructor of record at the University of Texas at San Antonio:
Interest Rates, Money and Banking, Spring 2026
Undergraduate · 106 students · in person
Survey of Finance, Fall 2025
Undergraduate · 61 students · synchronous online
Principles of Business Finance, Spring 2025
Undergraduate · 19 students · in person
I am prepared to teach Corporate Finance, Financial Markets and Institutions, Investments, and introductory finance, and to develop electives in Fixed Income and Real Estate Finance.
Sample Teaching Materials
Bond Prices, Yields, and Interest Rate Risk
Sample module from Interest Rates, Money and Banking, Spring 2026
From Property Cash Flow to Commercial Mortgage Underwriting and CMBS
Proposed module demonstrating my approach to Real Estate Finance.
Selected Honors
Finance Ph.D. Student of the Year, Alvarez College of Business, 2025
Gazarian Real Estate Center Research Grant, $7,500, 2026
FMA Doctoral Student Consortium, Selected Participant, 2026
Best Paper Award, India Management Research Conference, 2024
Contact
Department of Finance
Carlos Alvarez College of Business
University of Texas at San Antonio
San Antonio, TX 78249