Our objective in this paper is to investigate the relationship between institutional ownership and CEO compensation structure of REITs. Based on detailed analyses of data on institutional ownership, performance, CEO and board characteristics over the ten year period 1998-2007, we find...

We examine the pricing of volatility risk in the cross-section of equity real estate investment trust (REIT) stock returns over the 1996 to 2010 period. We consider both aggregate (systematic) volatility and firm-specific (idiosyncratic) volatility. In contrast to the negative and significant...

Empirical testing of the real options theory has been very limited. This is primarily due to various inherent problems with obtaining field data for many components of real options theory. This paper utilizes experimental methodology to generate the data. The advantage of the experimental...

Conventional housing price index models assume interperiod parameter stability and typically employ either repeat sales or hedonic methodologies. This paper introduces a method of index construction that combines multiple sales observations with single sale transactions while permitting...

This paper presents a detailed assessment of the Connecticut Housing Finance Authority RAM program. Because of the size and payment history of the program, the analysis provides an empirical framework on which to develop and assess other home equity conversion programs. The paper offers insights...

Previous literature has shown that management turnover can enhance or reduce shareholder wealth. This study uses top real estate management turnover to examine how changes in firm specific human capital affect firm value. Real estate managers possess firm specific human capital through knowledge...

There has developed a growing body of literature, both theoretically and empirically based, on real estate financial decisions. Despite these advances, there are a number of important issues that remain unanswered. The purpose of this paper is to provide a review and analysis of where research...