This study examines the variation in cap rates for single tenant net lease (STNL) properties. Despite an abundant literature on micro- and macroeconomic factors that influence capitalization rates, little is known about tenant and location-specific risk pricing, especially for smaller,...

Established, low-leverage equity REITs with access to the public debt market rely on both non-recourse mortgages and full recourse bonds/notes as sources of long term debt. Interest rates on secured, non-recourse debt (mortgages) include a costly strategic default option premium and do not...

This is the first study to analyze REIT Net Asset Value analyst coverage and dispersion. We find that NAV analyst coverage has a positive relationship with REIT value and a negative relationship with REIT volatility. Subsequently we analyze NAV analyst estimate dispersion and find that it has a...

The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) provides mortgage forbearance relief to qualifying borrowers, whose loans are placed in a government backed mortgage pool. We analyze the effects of being ineligible for the program by examining the aftermath of the same...

We show that managers can significantly lower corporate borrowing costs by adjusting effective tax rates. While prior research suggests a positive linear relation between tax avoidance and cost of debt, we document a U-shaped relation in which bondholders reward “undersheltering” firms with...