In this study, we explore the role of expected cash flow volatility as a determinant of dividend policy. We first demonstrate that returns are increasing in dividend payout. But, we show that responses to changes in dividends are less sensitive to the magnitude of the change than to the sign of...

A firm can be viewed as a portfolio of projects arising from capital budgeting decisions. How these projects are bundled, i.e. managerial style, affects administrative costs and firm value. We analyze the effect of style on firm value using a panel data set of 75 publicly-traded REITs over eight...

This report documents a blockchain application developed for the real estate sector. The application enables distributed workflow management in a complicated transaction process: the selling of a share of stocks in a housing corporation. As its core element, the application utilizes...

De plus en plus d'entreprises vendent leurs murs, estimant que la propriété des bâtiments immobilise des capitaux nécessaires à leur développement.

This paper studies the real estate brokerage industry in Greater Boston, an industry with low entry barriers and substantial turnover. Using a comprehensive dataset of agents and transactions from 1998-2007, we find that entry does not increase sales probabilities or reduce the time it takes for...

Sensemaking practices are a core activity for strategizing in organizations. Managers can use various types of objects to shape sense in a project. We propose an integrative framework to analyse the sensemaking practices at work in a real estate project. Our results provide a better...

This analysis introduces a theoretical framework for assessing the empirical discussion of asymmetric information amongst mortgage lenders and adds the idea of lender competition into this framework. Despite this addition, the results are generally consistent with existing empirical findings...

The perceived objective of price comparison sites is to aggregate price quotes from several firms. They are expected to reduce consumers' search costs and lead to more competitive markets. In this paper, I examine the difference in the prices consumers pay on comparison sites relative to...

This paper explores the extent to which public cloud computing is in fact being used in practice by banks operating in the EU, including global banks. It is based primarily on anonymised interviews with banks, cloud providers, advisers, and financial services regulators. This paper describes how...

Tax law (section 1031 in particular) has spawned a new investment vehicle-open tenancies in common. Tax law allows property owners to exchange into like-kind real property tax free, but finding suitable replacement property can be difficult. Real estate syndicators, recognizing a demand for...