We examine the impact of institutional investors on REIT performance. The mere presence of institutional investors does not positively affect firm operations and value. However, the presence of motivated institutional investors does. The results show that firms with shares held by motivated...

We investigate three popular supply-side explanations for the run-up in international housing prices prior to the financial crisis: loose monetary policy, a global savings glut, and deteriorating credit standards. Unlike prior studies, we use both central bank surveys and economic data to...

We document a positive relation between shareholder monitoring and total payout to shareholders. This relation is stronger for firms with greater potential for agency problems. We also show that monitoring is positively associated with future improvements in payout, operating performance, and...

I show that using Bayesian decision theory to draw inference about the economic significance of a model requires careful specification of model uncertainty in the prior density. As an example, I use the Bayesian investor's portfolio allocation problem to show that failure to include probability...

We examine primary and secondary market returns for REIT initial public offerings (IPOs). Consistent with theories regarding compensation for information production during the roadshow, we find offer-to-open returns are directly related to partial adjustment and are significantly lower for REITs...

We demonstrate a simple procedure to test arbitrage models without adding an auxiliary error model. Our tests rely on the dynamics of the model to draw inference through out-of-sample forecasting. As an illustration, we estimate the Cox et al. model with a rolling sample to forecast zero-coupon...