The Umbrella Partnership REIT (UPREIT) structure has become the dominant form of organization for U.S. REITs. We examine the utility of this corporate structure from a new perspective, finding evidence that convertible securites issued by UPREITs in payment for properties acquired from private...

In a perfect world where the board of directors is independent of CEO influence, CEO pay-for-performance compensation contracts should be a function of performance only. If the CEO can influence board structure through his ownership of company stock or chairmanship of the board, however,...

This paper provides empirical evidence on investors' perceptions of the relative advantages and costs of spatial agglomeration. Specifically, we examine the stock price effects of headquarters relocations. The stock market reaction is significantly positive when relocation decisions are...

The asymmetric information hypothesis states that IPO underpricing signals superior firm value. During the post-IPO period, the market learns the firm's true worth such that good quality firms issue seasoned equity at favorable prices and recoup the loss sustained at IPO. Since REITs have no...

This article investigates the contagious movement of real estate investment trust (REIT) stock prices in response to real estate news related to financial institutions= real estate portfolios. The basic hypothesis is that because real estate assets are traded infrequently, the market has...

REITs experienced phenomenal growth in the 1990s. Evidence on ownership structure, board composition and performance of REITs, however, is scarce. For REITs, special regulation, including mandatory distribution of income, limits free cash flow, while restrictions on source of income and asset...

We analyze director compensation for Real Estate Investment Trusts (REITs) and investigate the relations between director compensation and other measures of the board independence and board monitoring. Using 136 REITs in 2001, we find that REITs that pay higher equity-based compensation to their...

We analyze director compensation for Real Estate Investment Trusts (REITs) and investigate the relations between director compensation and other measures of the board independence and board monitoring. Using 136 REITs in 2001, we find the REITs that pay higher equity-based compensation to their...

Much of the literature on capital structure excludes Real Estate Investment Trusts (REITs) due mainly to the unique regulatory environment of these firms. As such, the issue of how REITs choose among different financing options when they raise external capital is largely unexplored. In this...

This paper examines the role of stock option programs and executive holdings of stock options in REIT governance. We study this issue by analyzing how the market reaction to a stock repurchase announcement varies as a function of the individual REIT's governance structure. In particular, we...