Our paper makes two empirical contributions on REITs’ asset pricing over three sequential and mutually exclusive time periods. The first yields the beta estimates of (i) assets, (ii) growth options and (iii) assets-in-place, embedded in the valuations of REITs. We develop a new approach to...

We study the influence of the evolution in intrastate and interstate deregulations on the total factor productivity growth of U.S. commercial banking during 1971-95. We consider statewide deregulations in intrastate branching, intrastate multibank holding company (MBHC), interstate multibank...

The US banking industry offers a unique, natural and fertile environment to study geography's effects on banks' behavior and performance. The literature on banks' operating performance, while extensive, says little about the influence of spatial interactions on banks' performance. We compute and...

We show that recent developments in hedonic pricing theory allow modeling of the equilibrium pricing function as the marginal cost of an additional housing unit plus a markup that varies inversely with the elasticity of demand. Useful information about demand elasticity at a given point on the...

This paper adopts the methodology in Bali and Cakici (Journal of Financial & Quantitative Analysis, 43, 29–58, <CitationRef CitationID="CR5">2008</CitationRef>) in tracking the evolution of the relation between equity REITs’ idiosyncratic risk and their cross-sectional expected returns between 1981 and 2010. In addition to the full...</citationref>

In this paper, we study the inflation-hedging properties of investments in REITs in Turkey between December 1999 and December 2006. Two main factors motivate the study. First, compared to their counterparts in developed capital markets, Turkish REITs have some important tax incentives as well as...

This paper investigates the efficiency of the bond valuation process by analyzing the effect of a call announcement on the US Treasury bond market. The Treasury's action surprised many investors since the Government had not called bonds for the preceding 30 years. Quick adjustment of prices to...