This is the first paper to study the effects of overconfidence on trading activity and performance in real estate. The paper looks at REITs, since their investments and divestments can be identified with precision. We look at the effect of CEO overconfidence on investment activity and separately...

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...