In this research, we investigate the effects of changes in and levels of selected macroeconomic variables on the liquidity of REIT stocks. We study in particular REIT market trading liquidity and REIT funding liquidity. We use debt service coverage ratios, loan-to-value ratios and the number of...

India has a growing economy that can support high-income levels and in turn sustain higher real estate prices. The high prices of Indian real estate seem to be in harmony with its fast growing economy. However, there are concerns about speculative bubble behavior in the Indian real estate...

We study the performance of investments made at different points of an investment cycle. We use a large data set covering hotels in the U.S., with rich details on their location, characteristics and performance. We find that hotels built during hotel construction booms underperform their peers....

This paper is the first to rigorously test how height and output co-move. Because builders can use their buildings for non-rational or non-pecuniary gains, it is widely believed that (a) the most severe forms of height competition occur near the business cycle peaks and (b) that extreme height...

This paper investigates the relationship between corporate social and environmental performance and financial performance for a sample of publicly traded US real estate companies. Using the MSCI ESG (formerly KLD) database on seven Environmental, Social & Governance dimensions in the 2003-2010...

This study explores the relationship between a country's legal system and how its cities develop by examining the considerable variations in commercial real estate lease duration (or term) across both countries and cities. We find that the cross-country variation in lease duration and building...

This paper investigates the effect of eco-labeling on the occupancy rates of commercial offices in the US. The occupancy rates of LEED and Energy Star labeled offices are compared to a sample of non-labeled offices. Using OLS and quantile regression analyses, a significant positive relationship...

Polish Abstract:Współczesne miasta w coraz większym stopniu stają się przestrzeniami konsumpcji, w których jednym z głównych modeli przestrzennych nie jest już fabryka, ale (obok biurowca i strzeżonego osiedla mieszkaniowego) – centrum handlowe. Jego przestrzeń coraz częściej...

The purpose of this paper is to investigate the effect of energy consumption on the financial performance of German residential buildings in a large panel framework. The authors provide evidence that energy efficiency in the residential sector is a relevant factor affecting both tenant...

Metrics using repeat sale data assume that frequently and infrequently sold properties are similar in capital expenditures, maintenance and other characteristics. Value-added investors concentrate on repositioning properties which requires capital investment and managerial skills. Returns using...