We investigate the relation between heat stress and commercial real estate (CRE) return and find a negative cross-sectional relationship. The total return on commercial property decreases when the local temperature is abnormally high. Furthermore, we show a negative cross-sectional association...

This article investigates how the market valuation of properties is related to the income growth of their asset locations. Based on the income tax data from the Internal Revenue Service (IRS) and the individual property information of U.S. equity real estate investment trusts (REITs) from...

The initial structure of real estate investment trusts (REITs) was predicated on real estate as a long-hold asset that would benefit from an ownership structure that fosters property portfolios held and managed for the long term. Using a sample of publicly traded U.S. REITs from 1995 to 2018, we...

We document that households relocated during the recent Great Recession and its aftermath were substantially more likely to hold their previous homes for an extended period of time. We identify two contributing factors to this phenomenon. First, falling house prices pushed many homes into the...

Natural language processing (NLP) technologies, such as ChatGPT, are revolutionizing various fields, including finance research. This article explores the multifaceted potential of ChatGPT as a transformative tool for finance researchers, highlighting the benefits, challenges, and novel insights...