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Financial Crisis and Within-City Heterogeneity in Land Prices: The Role of REIT Penetration
This paper investigates the heterogeneous impact of the 2007–2008 global financial crisis on Japan’s land and housing market via real estate...
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The Impact of Property Clustering on REIT Operational Efficiency and Firm Value
Conditioned geographical clustering is the strategy of grou** portions of a REIT’s property portfolio within a contiguous region to exploit...
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Long-Run Renewal of REIT Property Portfolio Through Strategic Divestment
Real Estate Investment Trusts (REITs) renew and recycle their property portfolios through divestment of inefficient assets and new acquisitions. Most...
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REIT Chief Executive Officer (CEO) Compensation in the New Era
Relations between REIT CEO compensation, firm stock performance and risk, after FASB accounting changes and additional SEC compensation disclosure...
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Market and Institutional Ownership Reactions to REIT Security Issuances
This paper examines market and institutional ownership reactions to REIT security issuances. Specifically, we examine the short- and long-term market...
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Volatility in U.S. Housing Sector and the REIT Equity Return
This study examines how housing sector volatilities affect real estate investment trust (REIT) equity return in the United States. I argue that...
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Estimating Commercial Property Fundamentals from REIT data
In this paper we propose a new methodology for the estimation of fundamental property asset-level investment time series performance and operating...
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Does Debt Management Matter for REIT Returns?
Asset and debt management are two essential managerial tasks in any firm. The traditional view holds that asset management is the primary driver of...
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Unpledged Collateral, REIT Liquidity Constraints, and Asset Sales
Using Real Estate Investment Trusts (REITs) industry as a laboratory, we test the impact of pledgeable assets on firms’ asset sales and borrowing...
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ESG Disclosure, REIT Debt Financing and Firm Value
Using recently available GRESB ESG public disclosure data for REITs around the world, we examine how ESG disclosure is related to REIT debt financing...
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Local Economy, Asset Location and REIT Firm Growth
This paper empirically examines the extent to which and how local economic growth and asset location affect firm growth based on a sample of US...
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Local Beta: Has Local Real Estate Market Risk Been Priced in REIT Returns?
This paper studies the pricing of the risk associated with the location of the assets. The local real estate market risk is measured by ‘local beta’,...
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Narrative Investment-Risk Disclosure & REIT Investment
We study narrative investment-risk disclosure, applying computational linguistic analysis to the qualitative discussions of risk throughout 10-K...
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Introducing “Focused Firms”: Implications from REIT Prime Operating Revenue
We examine the relationship between a firm’s main business focus and its risk and performance, using the unique settings of U.S. equity real estate...
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Spread Too Thin: REIT Asset Dispersion and Divergence of Opinion
In this paper we explore the drivers and implications of divergence in investor opinion of firm value. We use dispersion in analyst estimates of Net...
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Betting Against the Sentiment in REIT NAV Premiums
We dissect REIT NAV premiums and examine their relation to expected returns. More than half of the cross-sectional variation in NAV premiums can be...
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REIT Operational Efficiency: External Advisement and Management
This paper examines the operational efficiency of equity Real Estate Investment Trusts (REITs) with respect to external advisement and management. We...
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REIT Debt Pricing and Ownership Structure
We show that ownership by institutional investors with increased incentives to monitor decreases the cost of both public and private debt in the REIT...
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The Beta Anomaly in the REIT Market
This research examined whether the beta anomaly exists in the REIT market. By analysing a low-minus-high beta strategy and a betting-against-beta...
