The real estate industry has recently witnessed significant and pervasive consolidation with further growth and consolidation generally viewed as a foregone conclusion. For example, between 1990 and 1997, growth in average net real estate investments by large REITs outpaced growth in average net...

Even though land use covenants are a pervasive feature in residential land markets, they are typically subsumed into the economist's picture of zoning and related land use regulation, In contrast to the traditional approach. We develop theory to explain the price spreads in the residential...

In this research, we examine and present new evidence on the market activity following the Initial Public Offering (IPO) of a Real Estate Investment Trust (REIT) using microstructure data. We analyze the bid-ask spread differences for REIT securities compared to common stocks and closed-end...

Even though land-use convenants are a pervasive feature in residential land markets, they are typically subsumed into the economist's picture of zoning and related land-use regulation. In contrast to the traditional approach, the premise of this study is that land covenants differ from zoning in...