This paper examines the effects of property age on the operational efficiency, firm risk, stock performance, and executive compensation of real estate investment trusts (REITs). Using a large property-level data set of U.S. equity REITs from 1995 to 2020, we construct a firm-level property age...

Building on past research in the economies-of-scale debate, we test for scale economies in Real Estate Investment Trusts (REITs) by examining growth prospects, revenue and expense measures, profitability ratios, systematic risk and capital costs. Overall, we find that large REITs are increasing...

This paper investigates the interaction between stock price movement and REIT earnings management. We examine whether information generated from stock trading influences managers' incentives to engage in earnings management. We first test if stock investors are able to detect earnings management...

This paper theoretically and empirically analyzes the interactions among corporate real estate investment, product market competition, and firm risk. In our model, firms own strategic real estate or lease generic real estate. Our model predicts that strategic real estate ownership is positively...