In this paper, we study the impact of CEO and board gender diversity on the risk management decisions of 179 U.S. Real Estate Investment Trusts (REITs) during the 2001 to 2018 period. Using a bottom-up analysis on the properties in REIT portfolios, we find significant risk reduction associated...

The adoption of renewable energy technology has received significant government support. However, there is limited empirical evidence on the effectiveness of subsidies that are used to promote the adoption of such technologies. This paper exploits a natural experimental setting, in which a solar...

In this paper, we study the impact of CEO and board gender diversity on the risk management decisions of 179 U.S. Real Estate Investment Trusts (REITs) during the 2001-2018 period. Using a bottom-up analysis on the properties in REIT portfolios, we find significant risk reduction associated with...

Governments devote a large share of public budgets to construct, repair, and modernize school facilities. However, evidence on whether investments in the physical state of schools translate into better student outcomes is scant. In this study, we report the results of a large field study on the...

Real estate investment trusts (REITs) offer a natural experiment in corporate governance due to the fact that they leave little free cash flow for management, which reduces agency problems. We exploit a unique and leading corporate governance database to test whether corporate governance matters...

Energy labels have proven to be an effective means for nudging households to make sustainable choices. The label information regarding future energy use has inspired consumers around the world to opt for more energy efficient cars to commute to work and to select more efficient appliances at...

Real estate has been at the forefront of the financial crisis, with the intransparency of securitized products, such as MBS, CMBS, and CDOs, playing a critical role. Real estate equity investments have received less attention during the crisis. Listed property companies (REITs) offer an...

The literature regarding mergers and acquisitions suggests various motives for delisting: improving managerial efficiency, undervalued shares, size effect, agency costs, and, most importantly, taking on extra debt to reduce cost of capital and decrease agency problems. These arguments could also...