type="main" <p>This article examines the relation between investor sentiment and returns in private markets. Relative to more liquid public markets, private investment markets exhibit significant limits to arbitrage that restrict an investor's ability to counteract mispricing. Using vector...</p>

We provide robust evidence showing local information plays a significant role in local asset concentrations and return outperformance. Using a unique setting with significant cross-market information asymmetries and large sample of individual commercial property holdings, we find property...

This study examines the sensitivity of equity REIT returns to time-varying MSA allocations of REIT property portfolios. Using a large sample of individual commercial property holdings, we find significant cross-sectional and time variation in REIT geographic exposures and the ability of these...

This paper examines the relation between investor sentiment and returns in private markets. Relative to more liquid public markets, private investment markets exhibit significant limits to arbitrage that restrict an investor's ability to counteract mispricing. We utilize private commercial real...

Fast data access and flows are crucial to the competitive success of many firms as they navigate the real effects of latency in the digital economy. Using an extensive, hand-collected dataset of U.S. internet exchange points (IXPs), office property transaction data, and tenant lease information,...

This paper examines the effects of geographic portfolio concentration on the return performance of U.S. public REITs versus private commercial real estate over the 1996-2013 time period. We document significant cross-sectional and temporal differences in the geographic concentration of property...