This study investigates the reasons why people do not list underwater real estate investment properties for sale. Conventional wisdom is that these investors simply cannot afford to sell (the affordability constraint). However, we demonstrate that economic reasons explain as little as 31.7% of...

Using a sample of equity REITs traded on major U.S. exchanges between 1990 and 2009, we investigate the relationship between REIT line of credit usage and subsequent firm profitability. Our results, which are robust across multiple accounting measures of firm operating performance, indicate...

This article chronicles the past, present, and future of the American Real Estate Society (ARES). The primary mission of ARES is to be the leading real estate research and education organization globally that influences real estate thought leadership and decision making. To accomplish this...

This study is the first to empirically test both forward and (falsely induced) reverse information cascades in an experimental setting using real-time instant feedback to participants. We find that, on average, individuals abandon their private information sets in favor of the group's as early...

Recent literature suggests that enhancing the quantity and/or quality of corporate disclosures may influence the non-diversifiable component of information risk for the firm, and hence, have non-trivial valuation implications. We propose a framework that argues a firm's disclosure level balances...

We examine the capital market pricing implications of firm disclosure opacity as measured by the linguistic readability of REIT annual reports. The SEC has expressed concern that firms selectively manage the transparency of disclosures in order to hide adverse information. After controlling for...

Over the last several years, the United States has experienced a significant recession. During this downturn, the number of real estate foreclosures has risen drastically. Recent studies have demonstrated a reduction in property values due to neighboring foreclosures – known as the foreclosure...

While numerous and varied opinions abound, there remains much confusion why so few mortgages are modified at a time when demand to modify is so high. To better understand this complex issue, we build a game theoretic model to quantify a number of economic incentives and costs surrounding various...

This study is the first to examine strategic mortgage default and financial herding on a neurological level. Using fMRI technology, we identify a number of substrates within the brain that provide a neurobiological explanation for why some homeowners exercise their mortgage put option while...

This paper examines advisor choice decisions by publicly traded REITs and listed property companies in Asia-Pacific real estate markets. Using a sample of 168 firms, we find robust evidence that firms strategically evaluate and compare the increased agency costs associated with external...