The empirical corporate finance literature claims that better corporate governance constrains earnings management, while others argue that the unique legal and reporting structure of REITs may reduce the need for such internal corporate governance. Using a sample of publicly traded REITs for the...

A special feature of China’s housing market is land use rights in the form of land leasehold contracts granted by the government. We consider an equilibrium model in which a representative developer may choose to redevelop existing centrally located housing or to develop new housing at the...

Many people believe that prevailing commission rates for residential real estate brokers are quot;too highquot; but do not offer a formal model. This paper presents a general equilibrium model of the housing market in which real estate brokers serve as matching intermediaries. We use this model...

Using data collected from specially-designed questionnaires, the duration of search by a house buyer is estimated. Duration is measured in two ways: in terms of time and in terms of the number of houses seen. To explain this data, several features must be added to a simple model when search...

When a house is placed on the market, the seller must choose the initial offer price. Setting the price too high or too low affects the marketability of the property. While there is near universal agreement that the seller faces a trade-off between selling at a higher price and selling in less...

This paper studies how the presence of sponsor and external management affect leverage and debt maturity decisions in three major Asian-Pacific REIT markets: Australia, Japan and Singapore. Our empirical results indicate that sponsored REITs opt for higher levels of leverage and loans with...

This paper studies how the presence of sponsor and external management affect leverage and debt maturity decisions in three major Asian-Pacific REIT markets: Australia, Japan and Singapore. Our empirical results indicate that sponsored REITs opt for higher levels of leverage and loans with...