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...

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...

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 teaching case provides students with an opportunity to evaluate the series of cash flows associated with a residential real estate investment, while simultaneously probing unique aspects of legal and ethical issues confronting the potential investment. The case also introduces students to...

Employing a unique sample of individual and institutional investors, we conduct experiments to determine investors' preference for (or indifference to) financial skewness. We present investors with a series of stocks with varying levels of skewness. Using Instant Response Devices, we then...