We examine the influence of managerial incentives, traditional managerial monitoring mechanisms and managerial entrenchment on the capital structure of Real Estate Investment Trusts (REITs). Using panel data, we estimate a system of simultaneous equations for leverage and maturity and find that...

We study long-horizon shareholder returns in a comprehensive sample of Real Estate Investment Trust mergers, to test whether or not the anomaly of post-merger underperformance observed in conventional firms applies to the case of REITs. Constructing synthetic benchmark portfolios controlling for...

This article examines the role of stock option programs and executive holdings of stock options in real estate investment trust (REIT) governance. We study the issue by analyzing how the market reaction to a stock repurchase announcement varies as a function of the individual REIT's governance...

Economic theory is subject to continual analysis. While theories themselves are sometimes widely accepted, nuances of theory are persistently scrutinized. Researchers have not isolated this debate from a simply theoretic standpoint. Empirical methods in microeconomics also provide a forum for...