We extend the IPO literature analysing the role of financial market integration in the development of IPO markets and the pricing of newly listed stocks. Using a hierarchical linear model, we show that differences in underpricing between markets with high and low financial integration levels are...

This study investigates the determinants of cross-border capital flows into direct real estate markets. In particular, it investigates how existing institutional, regulatory and real estate specific barriers affect cross-border real estate inflows and outflows in a sample of 24 developed and...

This paper represents a first attempt to employ a macroeconomic approach to explain the high and varying IPO underpricing within a single emerging market. We examine the empirical impact of trade openness on the short-run underpricing of initial public offerings (IPOs) using city-level data....

This paper looks into the investment strategy of ESG-dedicated investors, particularly the geography drivers that attract ESG-dedicated investors. Using infrastructure deal level information from 2008 to 2020, we examine how local greenness and sustainable development policies (e.g., plans to...

Although there are several important federal initiatives, many sustainability efforts in the United States are enacted by states or municipalities. Some of these policies are structured as regulatory mandates while others offer incentives to drive adoption of sustainability related initiatives....

This paper provides new evidence on the relationship between time-on-market (TOM) and house prices. Using big data techniques, we construct a rich dataset on residential transaction prices in England between 2018 and 2020, their listing information, energy performance, and property taxes. We use...

Private real estate markets have experienced signi ficant in inflows of institutional capital over the last couple of decades. In this paper we seek to understand what are the implications of this recent development. Employing a generalized Hamiltonian Monte Carlo Bayesian procedure we find...