We evaluate real estate investment trust (REIT) responses to the release of REIT-specific and macroeconomic news over two periods with differing economic climates. More specifically, using high-frequency data, we track the response function over a period of 60 minutes following each...

We develop an index, termed the Government Legislative Index (GLX), that measures the ability of the US Government to execute legislation. In essence, the GLX measures the ability of the President and the ruling party to successfully convert proposed legislation into rules and regulations....