We analyze the valuation and return performance of real estate trusts (RETs), the 19th-century predecessors of REITs. In contrast to REITs, RETs were not required to adhere to any statutory REIT regulations. Similar to modern-day REITs, we find that dividend growth rather than discount rates...

Using land transaction data in China, we investigate whether and how political connections penetrate through headquarter-subsidiary relationships. The results show that even though the headquarters of politically connected listed firms pay comparable land prices as other firms, their...

The collapse of the recent housing price bubble precipitated the 2007-2008 financial crisis and caused international funding liquidity to dry up. We investigate how economic policies undertaken by the Federal Reserve and U.S. Treasury around the crisis impacted global liquidity by examining the...

We use the Dynamic Conditional Correlation model with Generalized Autoregressive Conditional Heteroskedasticity (DCC-GARCH) developed by Engle (2002) to examine dynamics in the correlation of returns between publicly traded REITs and non-REIT stocks. The results suggest that REIT-stock...

This paper relates recursive utility in continuous time to its discrete-time origins and provides a rigorous and intuitive alternative to a heuristic approach presented in [Duffie, Epstein 1992], who formally define recursive utility in continuous time via backward stochastic differential...