The purpose of this paper is to study the closed-end fund discount in Miller's (1977) framework. Miller's theory states that in the simultaneous presence of (1) short sale restrictions and (2) dispersion of investors' opinions, securities become overvalued. We show that discounts of...

This paper investigates the relationship between property pricing precision (deviation from an expected property value) and specialization in the listing process by agents. It is hypothesized that financially-constrained, risk-averse sellers prefer finer gradations of pricing precision, i.e.,...

Relations between Real Estate Investment Trust (REIT) efficiency and operational performance, risk, and stock return are examined. REIT-level operational efficiency is measured as the ratio of operational expenses to revenue, where a higher operational efficiency ratio (OER) indicates a less...