This paper studies how the presence of sponsor and external management affect leverage and debt maturity decisions in three major Asian-Pacific REIT markets: Australia, Japan and Singapore. Our empirical results indicate that sponsored REITs opt for higher levels of leverage and loans with...

By examining their source and magnitude, this paper looked at the changes in the nature of Indonesia's agglomeration economies over three distinct, successive periods: the pre-crisis boom (1990-1996), the deep crisis (1997-2000), and the post-crisis recovery (2001-2010). We found that economies...

This paper studies how the presence of sponsor and external management affect leverage and debt maturity decisions in three major Asian-Pacific REIT markets: Australia, Japan and Singapore. Our empirical results indicate that sponsored REITs opt for higher levels of leverage and loans with...

This study examined the distribution of new firm formation in New England from 1999 through 2009. Using discrete entropy and entropy decomposition, it was found that single-unit firm births are spatially dispersed. The distributional patterns do not vary substantially across the study period....

By examining their source and magnitude, this paper looked at the changes in the nature of Indonesia’s agglomeration economies over three distinct, successive periods: the pre-crisis boom (1990-1996), the deep crisis (1997-2000), and the post-crisis recovery (2001-2010). We found that...

This study of the co-movements of the transaction prices and trading volumes reveal that the mean correlation of prices, and trading volumes alike, among different housing sub-markets increases during the market boom. After a financial crisis, the correlations drop dramatically and stay low. The...

By incorporating the Harvey accumulator into the large approximate dynamic factor framework of Doz et al. (2006), we are able to construct a coincident index of financial conditions from a large unbalanced panel of mixed frequency financial indicators. We relate our financial conditions index,...

During the recent financial crisis, the Federal Reserve implemented a series of extraordinary and unconventional policies to alleviate the impact of the crisis on financial markets and the economy. In this paper, we examine the effects of these policies on broad financial market conditions,...

The misevaluation of risk in securitized financial products is central to understanding the financial crisis of 2007 - 8. This paper characterizes the evolution of factors affecting collateralized debt obligations based on subprime mortgages. A key feature of subprime-mortgage backed indices is...

We present 12 facts about the mortgage crisis. We argue that the facts refute the popular story that the crisis resulted from finance industry insiders deceiving uninformed mortgage borrowers and investors. Instead, we argue that borrowers and investors made decisions that were rational and...