Purpose – The purpose of this paper is to consider the operating performance of real estate investment trust initial public offerings (REIT IPOs) as a measure to find additional evidence of market timing in this sector. Design/methodology/approach – A sample of REIT IPOs is analyzed to...

This study examines differences in net selling price for residential real estate across male and female agents. A sample of 2,020 home sales transactions from Fulton County, Georgia are analyzed in a two-stage least squares, geospatial autoregressive corrected, semi-log hedonic model to test for...

We examine the impact of institutional investors on REIT performance. The mere presence of institutional investors does not positively affect firm operations and value. However, the presence of motivated institutional investors does. The results show that firms with shares held by motivated...

We find that optimal executive hiring decisions at the individual firm level can lead to reduced wealth for investors that hold a diversified portfolio of investments. We use a proven economic model to show costs are imposed on other firms in a portfolio when one firm hires externally. The model...

This study introduces the cap rate spread as a novel metric for underwriting commercial mortgages. Cap rate spread is the difference between the cap rate and the fixed coupon rate. The spread predicts performance risk in a sample of 24,951 CMBS loans during 1993-2011. We demonstrate that the cap...