This paper analyzes the optimal quality decision of a producer in a multi-period setting with reputation effects. Using a unique database of returns on real estate limited partnerships (RELPs), we empirically examine alternative theoretical predictions of optimal producer strategy. In...

One of the most controversial topics in modern financial economics is "excess volatility:" the notion that stock prices move too much to be explained by fundamental economic and firm-specific factors. While the initial work of Shiller indicated a high degree of excess volatility, subsequent...

Dividend pricing/present value models relate current stock prices to expectations of future dividends. In this study we apply the West and Campbell-Shiller tests of the dividend pricing relation to an index of real estate investment trusts (REITs). REITs provide a unique test of these models...

This paper analyzes the optimal quality decision of a producer in a multi-period setting withreputation effects. Using a unique database of returns on real estate limited partnerships(RELPs), we empirically examine alternative theoretical predictions of optimal producerstrategy. In particular,...

We examine the over-investment motivation for share repurchases using a sample of 139 Real Estate Investment Trusts (REITs) between 1996 and 2010. By combining a REIT's property portfolio data with project ROAs from the underlying real estate market, we are able to create a unique measure of the...

type="main" <p>We investigate the comovement among Case-Shiller Home Price Indices for 14 metropolitan areas between 1992 and 2008. We define the portion of this comovement deemed as fundamental (excessive) as the covariation that can (cannot) be attributed to common fundamental factors directly...</p>

This article tests the ability of traditional capital structure theories to explain the issuance decisions of real estate investment trusts (REITs). For issuances made between 1997 and 2006, we find strong support for the market timing theory of capital structure. Controlling for past returns...

This study analyzes the impact of corporate governance structures at the initial public offering (IPO) date. We test hypotheses that firms with more shareholder-oriented governance structures receive higher valuations at the IPO stage and have better long-term performance. Our sample is a set of...