This teaching case provides students with an opportunity to evaluate the series of cash flows associated with a residential real estate investment, while simultaneously probing unique aspects of legal and ethical issues confronting the potential investment. The case also introduces students to...

This study examines the herding behavior of individuals in the context of their willingness to strategically default on a mortgage based on the (falsely) observed behavior of those around them. We find that homeowners are easily persuaded to follow the herd and adopt a strategic default...

This teaching case provides students with an opportunity to evaluate the best course of action for a firm who just filed for Chapter 11 Bankruptcy protection. The home-builder is already in default on over $20 million in loans. They have homes at various stages of the construction process, and...

We examine the capital market pricing implications of firm disclosure opacity as measured by the linguistic readability of REIT annual reports. The SEC has expressed concern that firms selectively manage the transparency of disclosures in order to hide adverse information. After controlling for...

This paper investigates the determinants of underwriting fees charged to active GSE and financial industry borrowers on debt issuances, how such fees change over time, and how they vary with the characteristics of the debt, underwriting mechanism, and issuer. We pay particular attention to how...

Purpose: This paper examines whether rental premiums accrue to environmentally certified class “A” office buildings, and further, to what extent such premiums vary with the political ideology of the local market area.Design/Methodology/Approach: Using standard OLS regression techniques, we...

Using a sample of 26,892 rate quotes on home purchase loan applications, the current paper investigates interstate variation in residential mortgage interest rates. More specifically, we find posted rate quotes by lenders are directly related to measures of foreclosure process risk including the...

This study examines the herding behavior of individuals in the context of their willingness to strategically default on a mortgage based on the (falsely) observed behavior of those around them. We find that homeowners are easily persuaded to follow the herd and adopt a strategic default...

This paper examines advisor choice decisions by publicly traded REITs and listed property companies in Asia-Paciic real estate markets. Using a sample of 168 firms, we find robust evidence that firms strategically evaluate and compare the increased agency costs associated with external...

"Competition law underpins the market economy by prohibiting anti-competitive agreements and practices, and the abuse of dominant positions in the market. Until the financial crisis it was widely assumed that the financial services industry was highly competitive. This book explores the extent...