Presale agreements have become a pervasive worldwide practice for residential sales, especially in many Asian markets. Although there is a burgeoning empirical literature on presales agreements, only a few papers actually address their theoretical foundations. We create a set of interrelated...

This paper studies the micro-foundations of commercial real estate risk and performance. Specifically, we analyze the linkage between tenant quality and the performance of commercial real estate. A commercial real estate asset can be valued as the sum of the discounted future cash flows of...