We examine and test the merits of diversifying portfolios of real estate securities internationally and by property type. Our analysis covers the period February 1990 through November 2002. Using data from the Global Property Research General Property Securities Index, which has monthly prices...

We test whether the conversion price (ratio) is viewed by the stock market as a credible signal of the firm's future earnings prospects (Kim, 1990) and subsequently whether convertible debt serves as backdoor equity financing (Stein, 1992). Examining the conversion price in relation to current...

REITs are viewed as low risk/low return stocks that exhibit defensive stock characteristics. The stock market decline of October 1997 provides an excellent opportunity to examine the riskiness of REITs during high levels of market uncertainty. We find that the decline in REIT stock values was...

REITs are viewed as low risk/low return stocks that exhibit defensive stock characteristics. The stock market decline of October 1997 provides an excellent opportunity to examine the riskiness of REITs during high levels of market uncertainty. We find that the decline in REIT stock values was...

We examine and test the merits of diversifying portfolios of real estate securities internationally and across property types. Our analysis covers the period January 1990 through July 2005. Using data from the Global Property Research GRP 250 Property Securities Index, which has monthly prices...

In this research, we investigate the effects of changes in and levels of selected macroeconomic variables on the liquidity of Real Estate Investment Trust (REIT, henceforth) stocks. We study in particular REIT market trading liquidity and REIT funding liquidity. We use debt service coverage...

Since the urban land reform in late 1980s, the land and property market have been gradually established in China. Despite of a fast growing literature on this emerging market, quantitative analysis of the land value determination mechanism has been scarce. Using a unique data set of land sales...

We investigate whether Real Estate Investment Trust (REIT) managers actively manipulate performance measures in spite of the strict regulation under the REIT regime. We provide empirical evidence that is consistent with this hypothesis. Specifically, manipulation strategies may rely on the...

In this paper, the authors use stock market data to examine the intraindustry effects of the July 5, 1982, closure of the Penn Square Bank. A sample of fifty-four bank stocks is divided into four portfolios: industry, money center, Texas, and upstream. The latter group consists of banks that had...