This paper examines advisor choice decisions by publicly traded REITs and listed property companies in Asia-Pacific real estate markets. Using a sample of 168 firms, we find robust evidence that firms strategically evaluate and compare the increased agency costs associated with external...

NAV is at the forefront of a policy debate; namely, whether or not money market funds should switch from a fixed $1 to a floating NAV. The supporters of floating NAV argue that this will provide investors with better information regarding the value of the fund's underlying portfolio. However,...

This paper studies contributions to real estate research by individuals and institutions from 2000 to 2012. Specifically, we rank individuals by the total number of articles published in five well-known journals: Real Estate Economics, Journal of Real Estate Research, Journal of Real Estate...

Relationships play a central role across the spectrum of real estate transactions. Whether negotiating prices, securing funding, or acquiring permits, knowing the right people provides multiple channels to facilitate deal making. To better understand the role of relationships in real estate...

We examine the director labor market to better understand which director attributes are important for board service. We find that general skills and director connections are valued in the market for directors in that both increase the likelihood of individuals gaining a board seat. Among...

We examine gross flows to mutual funds and find that existing investors punish poorly performing funds by increasing outflows. We also find that existing and potential investors punish poorly performing funds by reducing inflows. Finally, we uncover that current investors respond to poor...

Using a large sample of monthly gross flows from 1997 to 2003, we uncover several previously undocumented regularities in investor behavior. First investor purchases and sales produce fund-level gross flows that are highly persistent. Persistence in fund flows dominates performance as a...

The non-linear relation between mutual fund performance and subsequent net flows is well documented in the mutual fund literature. The extant literature generally ascribes the absence of net outflows in the face of poor performance to inactivity by existing fund investors (i.e., they do not to...

Mutual fund advisors make portfolio decisions for their funds on a daily basis. We examine the location of those portfolio decision rights on two dimensions. First, we consider the geographic location of the decision rights. Second, we consider whether the decision rights remain with an advisor...