This study examines the market value of REIT dividends conditional on transparency of operating structure and effectiveness of boards. Results suggest that total, mandatory and discretionary dividends are valued by the market. Consistent with agency cost theory, results provide some evidence...

This study examines the determinants of direct costs for REIT seasoned equity offerings. These costs are not related to information asymmetries, unlike non-REIT firms. Gross spreads vary inversely with stock liquidity, price, and industry activity. Concerning REIT-specific heterogeneity, gross...

"Net operating working capital captures multiple dimensions of firms' adjustments to operating and financial conditions. Sales growth, uncertainty of sales, costly external financing, and financial distress encourage firms to pursue more aggressive working capital strategies. Firms with greater...

The determinants of excess dividend payments above mandatory requirements in real estate investment trusts (REITs) are evaluated. Payment of excess dividends is related to factors associated with reduced agency costs, strong operating performance, the implementation of a stock repurchase plan...

Real estate mutual funds have grown dramatically in number, size, scope and assets under management over the last 15 years, but little assessment is evident. The present study addresses this limitation. Better prior period performance is associated with greater shares of fund inflows for a...

The authors examine the distribution of elapsed time between published research papers and the literature they reference in quantitative business-oriented journals indexed by the <italic>Journal of Economic Literature</italic>. This distribution is better approximated by the generalized gamma distribution than...