This paper examines the impact of the adviser structure on the leverage of 265 real estate investment trusts (REITs) in the United States. The study employs panel data for the period 1994 to 2010. Externally advised REITs tend to choose lower leverage, a result that differs from that of Capozza...

This paper studies the impact of CEO discretion within the incentive structure of U.S. REITs. In contrast to the existing governance literature we focus on a specific sector with a specific legal setting (e.g., restrictive payout ratios), and organizational structure (e.g., little threat of a...

This paper conducts tests of the random walk hypothesis and market efficiency for 14 national public real estate markets. Random walk properties of equity prices influence the return dynamics and determine the trading strategies of investors. To examine the stochastic properties of local real...