Observing whether diversification adds or destroys value is notoriously difficult, leaving open the question of the … degree to which any diversification discount can be affected by management quality and oversight. This study uses the unique … tighter geographical focus. More importantly, our results suggest that the diversification discount is lower for firms with …

does a property's location influence its risk and return? We focus on the effects of location density on the risk and … growth and carry higher systematic risk than their otherwise comparable peers in low-density locations. Consistent with … risk and return across commercial real estate markets …