Using Morningstar mutual fund stewardship grade data, we find that the governance mechanisms of mutual funds play a key role in their monitoring of portfolio firms and in their investment decisions. Mutual funds with better governance practices tend to vote responsibly on corporate governance...

This paper investigates whether multinational firms are less or more efficient in innovation activities than domestic firms. Using patents and citations scaled by R&D expenses and R&D capital as measures of innovation efficiency, we find that multinational firms have lower levels of innovation...

Purpose – The purpose of this paper is to investigate the seasonal effect in the value premium puzzle. It studies whether the book‐to‐market effect is an outcome of the January effect observed among stock returns. Design/methodology/approach – The paper uses returns of portfolios based...

The ex-dividend pricing of real estate investment trust (REIT) stocks under fractional and decimal pricing regimes is investigated. For REITS, with the move from discrete to decimal pricing, the price drop on the ex-dividend day approaches the dividend amount, the ex-date abnormal return...

The positioning of a property along a given rent-vacancy signaling frontier depends on its ownership, branding, and quality. Confirmation of a separating equilibrium occurs if the quality from the branding, itself dependent on costly management decisions, results in rent differentials. For...

An analysis of real estate investment trust (REIT) stock splits is presented. Evaluation of the initial reaction to split REITs supports efficient market pricing where REITs generate statistically significant positive announcement date returns, no statistically significant record date returns,...

The impact of neighborhood center image on rental rates is empirically modeled and tested. Neighborhood center anchor does not substantially affect in-line, non-anchor rental rates and is more a proxy for a neighborhood center's trade area economic base than an actual determinant of neighborhood...

This study investigates the potential for farmland to improve mixed-asset portfolio efficiency. Three major conclusions are drawn from the research. First, in a world with certainty, farmland can be shown to statistically improve mixed-asset portfolio efficiency. Second, with the introduction of...

This investigation expands the limited empirical research on retail rental rates by investigating the determinants of neighborhood shopping center rents. Evidence supports primary trade area and property specific characteristics as the primary determinants of neighborhood center vacancy and...

Recent market segmentation research has begun to delve into the issue of whether traditional property type categories are sufficiently homogeneous to be modeled as aggregate real estate markets. This paper extends the research on rental-property market segmentation by investigating the existence...