Variability of local economic conditions underlie, in part, the default and prepayment risks of mortgages originated in a metropolitan area. In this study we examine the benefits of diversifying across metropolitan areas for reducing these risks. Employment data for the thirty largest...

Despite six empirical studies published since 2000 designed to assess fund managers' REIT selection ability, their skill remains in question. Unlike previous studies, we examine fund holdings and trades of REITs to answer this question. This allows us to account for portfolio rebalancing that...

Because fees for property management services are based on gross rental collections rather than on net operating incomes, property managers may not always act in the best interest of property owners. This study is an examination of the agency costs that result from the conflict of interests...

Because the assets held by publicly traded real estate companies are infrequently traded, their values must be estimated to determine the relationship between share prices and net asset values for investment purposes. Alternative modeling approaches may be followed to accomplish these...