This paper adopts a game‐theoretic Nash equilibrium approach to examine the issue of planning flexibility in terms of land use zoning and development by appealing to the ‘white sites’ programme in Singapore as a natural experiment. The key insight is that the existence of competing white...

Existing research has highlighted the high leverage ratio of Real Estate Investment Trusts (REITs). To the extent that credit rating is important to REITs when sourcing for capital from the public debt markets, our paper investigates the effect of changes in REIT credit ratings on capital...

This paper investigates the impact of Shariah compliant investment principles on the idiosyncratic risks of a Shariah compliant REIT investor. The importance of idiosyncratic risks in explaining cross-sectional returns of a constructed Shariah compliant REIT investor's portfolio is further...

This study empirically examined the effects of systematic market and common risk factors in explaining the variations in excess returns of securitized and direct real estate using multifactor asset pricing models (MAP). Two estimation methodologies were used to test the market integration...

Does real estate ownership interact with corporate governance mechanisms in influencing firm performance? Sirmans (1999) hypothesizes that firms with substantial exposure to real estate risks require a different set of governance mechanisms to ensure proper alignment of interest between managers...