A firm can be viewed as a portfolio of projects arising from capital budgeting decisions. How these projects are bundled, i.e. managerial style, affects administrative costs and firm value. We analyze the effect of style on firm value using a panel data set of 75 publicly-traded REITs over eight...

This paper studies expectations of capital appreciation in the housing market. We show that expectations impounded in rent-to-price ratio at the beginning of the decade successfully predict appreciation rates, but only if we first control for fluctuations within a transactions and information...

This paper studies expectations of capital appreciation in the housing market. We show that expectations impounded in the rent/price ratio at the beginning of the decade successfully predict appreciation rates, but only if we first control for cross-sectional differences in the quality of rental...

This research hypothesizes that in markets where information costs, transactions costs and the economic impact of information can vary widely, we should expect both significant predictability and systematic variation in the predictability. Controlling for other factors, we find that on average,...

We document that technical progress in originating and pricing mortgages has enabled a trend since 1979 toward more relaxed credit standards on mortgage lending, which is reflected in rising foreclosure rates. We then decompose annual variation in mortgage performance measured by share of loans...

This paper studies expectations of capital appreciation in the housing market. We show that expectations impounded in the rent/price ratio at the beginning of the decade successfully predict appreciation rates, but only if we first control for cross-sectional differences in the quality of rental...

This study analyzes the effect of managerial style on firm value by partitioning general and administrative (G&A) expenses in the real estate investment trust industry into a nondiscretionary "structural" component associated with the costs of asset and liability management and a discretionary...

This research hypothesizes that, in markets where information costs, transaction costs and the economic impact of information can vary widely, we should expect predictability to vary systematically. We test this hypothesis with data on equity real estate investment trusts (REITs) from 1985 to...