By merging REIT SEO data with executive option exercise data, we investigate insider trading implications around REIT SEOs. Event study results show persistent negative abnormal returns for long-term SEO aftermarket performance. After isolating "strategic" option exercises of REIT insiders...

The value of senior apartments is estimated relative to traditional apartments in 34 US markets. In some markets, senior apartments transact at higher prices than predicted; in others, a discount. Market differences in the valuation of senior apartments are examined, and several attributes are...

Although agency disclosure is required by every state, recent national surveys of home buyers and sellers indicate that disclosure varies significantly across the United States. This study seeks to determine the causes of these disparities by examining states¡¯ educational standards,...

The demand for investment for any asset including houses and apartments depends on a relative yield-price ratio. In an equilibrium structure, the yield-price ratio is shown to depend explicitly on interest rates, capital gains and the loan-to-value ratio. For U.S. quarterly data from 1986 to...

Because landlords assume all of the operating expense risk, rents for gross leases exceed those for net leases. The markup, or spread, for gross leases varies between properties and across markets. Specifically, the markup is expected to increase with the cost of real estate services at the...