Du, Julan; Leung, Charles Ka Yui; Chu, Derek - In: International Real Estate Review 17 (2014) 3, pp. 301-357
No, we find no evidence for a return-enhancing role for corporate real estate holdings, which is consistent with the previous literature. Instead, our study based on a sample of U.S. listed corporations suggests that corporate real estate holdings are a form of managerial ¡§empire...