Many studies have hypothesized that the turn-of-the-month effect is caused by institutional investment. However, there is little evidence to support this hypothesis. This study provides an empirical test that measures the impact of the level of institutional investment on the turn-of-the-month...

Using a panel data set of Real Estate Investment Trusts (REITs), we find corporate transparency to be positively associated with REIT growth. These results suggest that greater transparency facilitates firm growth by relaxing information-based constraints on external financing. The magnitude of...