We examine major sales of real property by public U.S. Real Estate Investment Trusts (REITs) 1992-2002. We find that abnormal shareholder returns are significantly positive, a result that is consistent with findings for conventional firms that sell off real estate. Because REITs do not pay...

Using resource dependence perspective we examine the relationship between different stakeholder groups and firm performance. Our results indicate that different stakeholder groups have different levels of salience for firm's financial performance. Proactive policies with respect to employees,...

We examine the determinants of placing equity privately vs. publicly and analyze 5359 private investments in public equity (PIPEs) and seasoned equity offerings (SEOs) during 1997 to 2006. Using a p-score matched sample analysis we document that firms that are more likely to use PIPEs tend to be...

We examine the determinants of the choice of private versus public equity as a source of financing. We study private investments in public equity and seasoned equity offerings during 1996 to 2006, and analyze the short term and long term abnormal returns in SEO and PIPE transactions and their...

This paper investigates the role of fundamentals and investor sentiment in commercial real estate valuation. In real estate markets, heterogeneous properties trade in illiquid, highly segmented and informationally inefficient local markets. Moreover, the inability to short sell private real...

This study examines the ability of experts, specifically institutional owners and managers, to predict commercial real estate return performance in major metropolitan markets and on various property types. The findings indicate that the consensus opinions on investment conditions contained in...

This study examines the effects of weekly and monthly capital flows into the dedicated REIT mutual fund sector on aggregate REIT returns and, simultaneously, the effects of industry-level REIT returns on subsequent REIT mutual fund flows. The dynamic relation between REIT capital flows and...

The premium embedded in home mortgage loans to compensate investors for their exposure to prepayment risk is a significant component of the cost of home mortgage lending. Moreover, there is some reason to believe that prepayment risk may be lower for loans to lower-income housing borrowers,...

This paper investigates the return performance of publicly traded real estate companies. The analysis spans the 1984 to 1999 time period and includes return data on over 600 companies in 28 countries. The return data reveal a substantial amount of variation in mean real estate returns and...

This paper presents evidence on predictability of excess returns for equity REITs relative to the aggregate stock market, small capitalization stocks, and T-bills using best fit models from prior time periods. We find that excess equity REIT returns are far less predictable out-of-sample than...