This paper tests the significance of sponsors in REIT IPOs viz-a-viz quality certification, signal of firm value, and commitment to alleviate moral hazard concerns. We model the REIT pricing and sponsor share retention decisions within a simultaneous decision framework as motivated by Grinblatt...

Collectively, institutional investors hold large ownership stakes in REITs. The traditional view is that institutions are both long-term and passive investors. The financial crisis beginning in 2007 provides an opportunity to analyze the investment choices of institutional investors before,...

Although urban land development is a well-researched area, there has been inadequate research on the allocation mechanism for land. This paper offers a new perspective on the effects of the auction mechanism on land values. By appealing to an experimental setting to examine the bidding behaviour...

Using individual residential ARM mortgage data in Singapore, this study finds a low prepayment rate, which is influenced predominantly by macroeconomic factors than mortgage-specific factors. Specifically, the prepayment rate is increasing in residential property prices, but declining in income...

ERES:conference

The auction mechanism has become an increasingly popular mechanism for price discovery where sellers seek to evaluate market interest. The winner's curse is a well established phenomenon associated with overbidding at auctions. However, auctioned properties could either be sold at the auction or...

The financial economics literature suggests that the possibility of rare events occurring affects asset pricing dynamics. At the same time, the recent finance literature found that investors often pay only limited attention to relevant information in making their investment decisions and they...

Sellers and brokers may differ in preferred timing of costly promotion. Sellers with holding costs are anxious to sell. Sellers with showing costs want a slower approach. We find a standard listing contract where the broker chooses promotion timing is efficient if sellers have no significant...