We analyze how the unique characteristics of real estate invest trusts (REITs) affect IPO lockup agreements from 1980 to 2006. The findings show that, unlike industrial IPOs, lockup periods for REIT IPOs do not cluster at 180 days, tend to cover longer periods, and vary over time. Our results...

Previous studies document the reversal in the initial returns of REIT IPOs from overpricing in the 1980s to underpricing in the 1990s. We find that the gross spreads of REIT IPOs decreased significantly in the 1990s. In particular, there is bimodal clustering at the 6.5% and 7.0% levels....

Previous studies have documented the reversal in the initial returns of REIT IPOs from overpricing in the 1980s to underpricing in the 1990s. We find that the gross spreads of REIT IPOs decreased significantly in the 1990s. In particular, there is a bimodal clustering for gross spreads at 6.5...

We examine the role of demographics and family/social interaction in Chinese household finance. The impacts of demographic characteristics are not limited to stock market participation, but extend to other financial activities. Households with strong family and social interaction are more likely...

We examine membership on editorial boards of sixteen leading finance journals in 1985, 1990, 1995, and 2000. Membership on a board of a high-quality journal is highly selective. Editors and members of editorial boards of quality journals are trusted by their peers who submit their research for...