We offer a theoretical and empirical comparison of auctions and negotiated sales. We first build a simple model to show that auctions generate a higher relative price than negotiated sales when demand for the asset is strong, when the asset is more homogeneous, and when the asset attracts buyers...

In a standard auction, bidders bid more aggressively when the number of bidders increases. However, Krishna and Rosenthal (1996, Games and Economic Behavior) show that when bidders have multiple-unit demand that generates positive synergies, bidders bid less aggressively as the number of bidders...

In this paper, we examine the impact of asset growth rates on the future stock performance of 308 publicly traded real estate investment trusts (REITs). We observe that fast growing REITs tend to underperform slow growing REITs. However, we find evidence that the growth effect is significantly...

This dissertation comprises of three essays related to real estate auctions:The first essay examines the increase in number of bidders on bidding behavior. In a standard auction, bidders bid more aggressively when the number of bidders increases. However, Krishna and Rosenthal (1996, Games and...

In this paper, we aim to analyze the importance of traditional social networks in selling real estate. In recent years, the use of various social networking sites like FaceBook, LinkedIn is ubiquitous, to the extent that these social networking sites are now commonly used as a tool by real...

This paper examines the role of capital market conditions and target leverage on the marginal financing decisions of REITs, which include both capital raising and capital reduction activities. We investigate the relevance of a hybrid hypothesis whereby REITs have target leverage, but they also...

Exploiting a policy-induced discontinuity in Chinese real estate companies’ access to external debts, we study how the debt growth constraints of the “three-red-line” policy affect corporate financing. Consistent with a disciplining hypothesis, the policy reduces interest-bearing debt...