Thinly-traded assets exhibit illiquidity and do not fit in the efficient market paradigm. Direct application of classical finance theories to illiquid assets simply ignores the illiquidity risk of thinly-traded assets. Using commercial real estate as a testing ground, this paper develops a new,...

This paper re-examines and extends the findings of Bond et al., Journal of Real Estate Finance and Economics, 34, 447-461, (2007) who consider the theoretical model of Lin and Vandell, Real Estate Economics, 35, 291-330, (2007) to determine the extent to which individual real estate asset return...

This study examines whether marriage, as a social construct and cultural norm, could affect firm-level stock price crash risk. We find that firms managed by married CEOs are associated with lower future stock price crash risk, after controlling for a set of firm characteristics and CEO traits....