Traditionally, financial centres were held together be the need to be located in the proximity of physical exchanges. However, given the rise of information and communication technologies these quot;anchorsquot; have increasingly been lifted, with telling consequences for second-tier financial...

We examine European corporate governance with respect to the relationship between shareholder value and capital investment. Based upon Europe's largest listed companies, it is shown that Anglo-American conceptions of shareholder value are increasingly important for European firms whatever their...

Agency theory suggests that many of the costs incurred by the taxpayer during the 1980s thrift crisis were the result of conflicts between principals and their agents. This study models the costs associated with three distinct types of agency conflicts involved in closing an insolvent thrift...

This study evaluates the investment prospects of value stocks in the real estate investment trust (REIT) market. Value stocks are defined as those that carry low prices relative to their earnings, dividends, book assets, or other measures of fundamental value. The empirical results show that...

Earlier research has found that specialization by real estate agents creates economies of scope for real estate firms. So far, however, no research has addressed this issue at the agent level. The question this research seeks to answer is whether specialization in one side of the real estate...

The significant price-trading volume correlation found in the residential property market presents a challenge to the rational expectation hypothesis. Existing theories account for this fact with either capital market imperfection (down-payment effect or loss-aversion consideration) or imperfect...

Using a unique, detailed panel dataset of lodging properties, this paper tests whether properties owned by Real Estate Investment Trusts (REITs) perform differently than other properties and whether the concentration of real estate ownership brought about by REITs has increased market power. Our...

This paper applies the present value model to investigate property market efficiency in the UK. The existence of quot;rational bubblesquot; in UK property market is ruled out at conventional statistical significance levels, though UK property market appears not efficient. In addition, there are...

This paper confirms and extends prior results regarding tilting of institutional investment in common stock toward quality. The evidence presented here suggests that, while both Real Estate Investment Trusts and institutional investors tilt their real estate holdings toward quality, the tilt is...