This paper extends the existing research on real estate investment trust (REIT) operating efficiencies. We estimate stochastic-frontier, panel-data models specifying a translog cost function. The specified model updates the cost frontier with new information as it becomes available over time....

Both the real estate brokerage and the real estate investment trusts (REIT) industries have experienced dramatic structural and institutional changes in the last few years. These changes have brought the issue of operating efficiencies to the forefront. In this article, we summarize and...

Rutherford, Springer and Yavas (2001) develop and empirically test a model that analyzes the effect the type of listing contract, either exclusive agency (EA) or exclusive right to sell (ERTS), has on the performance of the agent/broker. This paper extends the work of Rutherford et al. and looks...

This paper resents an event-time study of the wealth effects associated with the corporate decision to lease real estate assets. The analysis provides a measure of the valuation consequences of real estate lease transactions for corporate lessees to determine whether such transactions offer a...

Using the translog cost function to estimate economies of scale for a sample of Real Estate Investment Trusts for the years 1992-1994, we find significant evidence that economies of scale exist for REITs for all years examined. The results show that measurement of scale economies is sensitive to...

This study explores the location preferences for firms of different sizes, using a varying coefficient model to study the relationships underlying industrial location and economic development in the rural Southeast. The model distinguishes between the ability of a county to attract industry both...

This paper develops a model that examines the financial and nonfinancial prepayment of GNMA securities. A varying coefficient model depicts prepayment as a dynamic process, allowing for changes in factors, reflecting differences in time, debt, and borrowers' characteristics. This model provides...

This paper extends the existing research on real estate investment trust (REIT) operating efficiencies. We estimate stochastic-frontier, panel-data models specifying a translog cost function. The specified model updates the cost frontier with new information as it becomes available over time....

This paper extends the existing research on real estate investment trust (REIT) operating efficiencies. We estimate a stochastic-frontier panel-data model specifying a translog cost function, covering 1995 to 2003. The results disagree with previous research in that we find little evidence of...

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...