We test whether consolidation leads to increased profits through increased operating economies of scale. For a sample of apartment REITs, we find that economies of scale with respect to portfolio acquisitions existed in 1994 and 1995, however, this advantage has declined over time. While growth...

Even though land use covenants are a pervasive feature in residential land markets, they are typically subsumed into the economist's picture of zoning and related land use regulation, In contrast to the traditional approach. We develop theory to explain the price spreads in the residential...

In this research, we examine and present new evidence on the market activity following the Initial Public Offering (IPO) of a Real Estate Investment Trust (REIT) using microstructure data. We analyze the bid-ask spread differences for REIT securities compared to common stocks and closed-end...