Real estate investment trusts (REITs) have grown to become an important financial product in Asia, which today stands as the second largest REIT market in the world. Although existing literature has shown that externally managed REITs have underperformed their internally managed counterparts,...

This paper examines how compliance to Shariah principles may be associated with a firm's capital structure choice. Shariah compliant real estate firms measured by those listed on the Dow Jones Islamic Index and Islamic real estate firms measured by firms with an internal Shariah board have...

Numerous Chinese families choose to reside together with their elderly parents due to the considerable impacts of conventional values such as filial duty in Chinese society. However, as house prices rocketed up in major Chinese cities over the past decade, this category of residential...

Many previous studies identify loan, property, borrower and environmental factors that impact the probability of foreclosure. Implicit in these studies is the assumption that the property was purchased at fair value. We question this assumption based on several empirical findings regarding...

Recent real estate literature has not only proposed a few theories to explain the puzzling macro feature of the positive correlation between price and transaction volume, but also attempted to identify the causal relationships between them. However, there is little empirical evidence to...

This paper examines the role of capital market conditions and target leverage on the marginal financing decisions of REITs, which include both capital raising and capital reduction activities. We investigate the relevance of a hybrid hypothesis whereby REITs have target leverage, but they also...

This paper examines the information content of debt raising and refinancing activities of Real Estate Investment Trusts (REITs) in normal and tight credit markets. Based on a sample of 340 debt announcements made by REITs in Japan (J-REITs) between 2002 and 2011, we observe that they are...

This paper offers new evidence as to how RPTs can be value enhancing for minority shareholders. In doing so, we address an ongoing theoretical tension in the related party transaction (RPT) literature by focusing on real estate investment trusts (REITs) in Asia. The empirical evidence is mixed...

This paper adopts a search model to examine individual seller's pricing strategy under two market conditions: first, sellers have reference-dependent utility; second, the housing market is less heterogeneous, such as multi-unit residential market. Acknowledging the fact that units in the same...

We analyze how REITs managers use real earnings management to address issues of liquidity risk and increased coat of capital they face during seasoned equity offerings. We show that REITs managers engage in real earnings management instead of accrual earnings management to attract more...