We provide evidence on the information content of the method of payment in mergers by examining shareholder returns in a sample of REIT mergers over the period 1994-1998. When the target firm is publicly held, we find that transactions are always stock-financed, and that acquiring firm...

This paper examines the problem of the trade-off between the possible minimum tax consequences of accelerated depreciation, the recapture of excess depreciation, and the choice of depreciation methods for maximizing investor wealth. The model is simulated for various ranges of the inputs to...

Syndications have been widely used in real estate investment in recent years. Some have argued that syndications have been paying significantly higher prices than other forms of business organization. Using a sample of apartment transactions, we tested for price differences among alternative...

This paper introduces the use of non-sample, prior information to the problem of predicting prices of heterogeneous products. Using data from the 1983 American Housing Survey, the predictive performance of three Stein-like empirical Bayes estimation rules are compared to the least squares...

This study examines the strategic characteristics and shareholder wealth effects of a popular vehicle for Real Estate Investment Trust growth in the 1990s: the acquisition of a portfolio of properties from a single seller. We examine a sample of 209 REIT portfolio acquisitions during 1995-2001....

This paper provides an empirical analysis of office building rents using data for a five-year period in a medium- sized city. The results indicate that rent levels respond to various factors in the expected manner: rents vary systematically across classes of buildings and locations, overall...