Environmentally-sustainable investment can impact firm financial performance through multiple channels. We concentrate on disentangling the related cash flow and valuation impacts. By using an instrumental variable approach, we find that U.S. REITs with a more environmentally-sustainable...

The real estate sector accounts for more than a third of global greenhouse gas emissions and thus offers great potential for carbon abatement. Energy efficient and green buildings are rapidly transforming the commercial property sector, and institutional investors can benefit from that...

In this report, we summarize the results of the first global survey on environmental practices in listed property companies and private property funds. The survey is intended to increase industry awareness and provide information on current environmental management practices. Without detailed...

This paper provides the first systematic analysis of the choice by organizations to occupy green office space. We develop a framework of ecological responsiveness, and we formulate five propositions to explain why specific firms and industries may be more likely to lease green space. We test...