We examine empirically the relations between REIT insider ownership and several measures of performance and management decisions. Three variables exhibit U-shaped or inverted U-shaped profiles, with a critical turn at about 30% ownership. Incentive alignment appears to dominate above 30%...

This paper examines the relationship between ownership structure, other corporate governance variables, and firm risk-taking and returns for the period 1990 to 2003. Our results suggest that the persistent, underlying relationship between insider ownership and risk-taking is U-shaped for both...

We investigate the relative importance of managerial entrenchment and incentive alignment as indicated by REIT risk-taking. The two theories make contradictory predictions about the sign of the relation between insider ownership and risk. We test for the possibility of diminishing entrenchment...