This paper examines advisor choice decisions by publicly traded REITs and listed property companies in Asia-Paciic real estate markets. Using a sample of 168 firms, we find robust evidence that firms strategically evaluate and compare the increased agency costs associated with external...

Option-based models of mortgage default posit that the central measure of default risk is the loan-to-value (LVT) ratio. We argue, however, that an unrecognized problem with extending the basic option model to exisiting multifamily and commercial mortgages is that key variables in the option...

"The economic links arising from tourism that now exist between what used to be regarded as 'developed' and 'developing' societies make it imperative they are considered component parts of a global system rather than distinct entities. The central focus of this book is mass tourism across a...

Recent evidence confirms that in factor-model examinations of the cross-section of REIT returns, REIT momentum emerges as the dominant driver. Acknowledging the importance of momentum, the current study explores whether and how REIT return patterns are linked to the underlying characteristics of...

This paper examines advisor choice decisions by publicly traded REITs and listed property companies in Asia-Pacific real estate markets. Using a sample of 168 firms, we find robust evidence that firms strategically evaluate and compare the increased agency costs associated with external...

This study examines the herding behavior of individuals in the context of their willingness to strategically default on a mortgage based on the (falsely) observed behavior of those around them. We find that homeowners are easily persuaded to follow the herd and adopt a strategic default...