This paper aims to introduce new evidence of consistently negative impacts on enterprise value when corporations increase real estate holdings. Adopting a different approach from previous studies, our data analysis shows that corporate real estate portfolios and enterprise value share an inverse...

This paper provides a simple explanation of open-market stock repurchases and the stock price behavior surrounding them. There is ex ante asymmetry of information with regard to the private benefits that corporate managers can attain from real investments. In our model, open-market repurchase...

I ask why a firm would choose to buy back its outstanding shares after the stock price goes up in response to an open-market repurchase announcement. I introduce the subject of market inefficiency and establish a signaling equilibrium that does not assume that an announcement of open-market...