This paper studies the impact of CEO discretion within the incentive structure of U.S. REITs. In contrast to the existing governance literature we focus on a specific sector with a specific legal setting (e.g., restrictive payout ratios), and organizational structure (e.g., little threat of a...

"As the discipline of real estate education comes to a stage of maturity in Germany, the providers of real estate education begin to specialize. The paper provides empirical evidence for this specialization with regard to an approach which can be described as ""transaction-based"", as it focuses...

ERES:conference

We test the effects of uncertainty on market liquidity using Hurricane Sandy as a natural experiment. Given the unprecedented strength, scale and nature of the storm, the potential damages of a landfall near the Greater New York area were unpredictable and therefore uncertain. Using a...

Unlike for other asset classes the performance of direct property has been researched only to a small extent, especially as single-property data are hardly available. This study for the first time investigates the performance of direct property in Germany based on single-property data. Aims of...

ERES:conference

The paper investigates the capital structures of North-American REITs in different market phases. First, the paper aims at finding out how different REITs alter their capital structures in different environments. Second, it will be investigated which capital structures outperform others in...

This paper conducts tests of the random walk hypothesis and market efficiency for 14 national public real estate markets. Random walk properties of equity prices influence the return dynamics and determine the trading strategies of investors. To examine the stochastic properties of local real...

Some studies indicate that there is only little difference between business and personal risks among small businesses. Personal assets and wealth can become subject to business risks depending on the organisational and legal structure chosen for the business. By the choice of the organisational...