This study empirically confirms the existence of the status quo deviation aversion hypothesis, but not increasing status quo deviation aversion, in people who own their primary residence. The examination was conducted in the 20 Case-Shiller MSAs across the country. The results are systemic and...

This study examines the determinants of REIT capital structure decisions from 1990-2008. Using a broad sample of 2,409 firm-year observations, we find that asset tangibility is positively related to leverage, while profitability and market-to-book ratios are negatively related. Additional...

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...

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...

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 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...

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...

Empirical research into the effects of environmental certification on commercial real estate properties routinely finds evidence of both significant rental rate and occupancy rate premiums accruing to owners of LEED and/or Energy Star certified properties. Interestingly, however, the underlying...

Using an Instant Response Device within the context of a controlled experiment, we find that people's self-assessment of Susceptibility to Normative Influence (SNI) differs substantially from the actual, or true, degree to which they are influenced by the actions of others. Actual SNI, a...

This paper investigates the influences of intrafirm geographic and cultural dispersion, the distance between the location of a firm's investments and its headquarters, on the firm's information environment. Specifically, using a sample of publicly traded real estate companies across the...