REITs hold relatively little cash and access capital markets often due to their favorable dividend tax status. The transparent nature of REITs, in theory, implies low information asymmetry. However, we present evidence that this phenomenon is temporal. We find that information asymmetry is...

This paper examines the effect of labor unemployment risk on firm risk. Using unemployment insurance benefits as a proxy for unemployment risk, we find an economically significant positive relation between unemployment risk and firm risk. This positive relation is more pronounced for firms that...

We investigate the relation between commercial real estate (CRE) returns and regional innovativeness and find that regions with more innovation exhibit higher total returns on commercial property. And, when we investigate the extent to which income return and capital return on commercial...