While some evidence exists on the benefits of sustainable investment for publicly traded real estate firms, little is known as to how such benefits materialize within the firm, especially on an international scale. We decompose the effects of sustainable investment on the value and performance...

Environmentally-sustainable investment can impact firm financial performance through multiple channels. We concentrate on disentangling the related cash flow and valuation impacts. By using an instrumental variable approach, we find that U.S. REITs with a more environmentally-sustainable...

In the face of rising climate risk, financial institutions may adapt by transferring such risk to securitizers that have the skill and expertise to build diversified pools, such as Mortgage-Backed Securities. In diversified pools, exposure to climate risk may be a drop in the ocean of cash...

The current pandemic has been a human mobility shock to economic activity. Using the geographic locations of bank branches, we calculate a bank's exposure to mobility declines and evaluate its impact on performance. We find that U.S. banks' stability, profitability, and asset quality are...

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...

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...

The literature regarding the effects of managerial optimism concentrates on CEOs, all but neglecting the broader executive team. We evaluate the interplay of the optimism levels of the CEOs and CFOs of listed real estate investment trusts, and study the commercial real estate transactions made...