Corporate real estate and competitive strategy

Measuring Corporate Real Estate Asset Management Performance

It is difficult to measure relative corporate real estate asset management performance, as different organizations require different outputs from their property assets. However, prior research has identified a number of input factors or dimensions relating to corporate real estate that tend to occur together in organizations exhibiting high levels of performance. This paper proposes a methodolo...

Do Real Estate Shocks Affect Corporate Investment?

From Competitive Advantage to Corporate Strategy

Recognizing past diversification mistakes, some companies have initiated large-scale restructuring programs. Others have done nothing at all. Whatever the response, the strategic questions persist. Those who have restructured must decide what to do next to avoid repeating the past; those who have done nothing must awake to their vulnerability. To survive, companies must understand what good cor...

Real Estate Risk, Corporate Investment and Financing Choice

This paper examines how asset risk impacts corporate investment and financing decisions. We derive a general model that incorporates risk, adjustment cost, and depreciation features of assets-in-place into investment decisions. The model suggests that the risk and adjustment cost of assets-in-place reduce both corporate investment and financing. We empirically test the model in a panel of US fi...

Resources, Real Options and Corporate Strategy

A ̄rm's resources are di±cult to identify and imitate. Firms learn about their resources by undertaking real investments and observing the outcomes. The types of real investments a ̄rm will make depends on what the ̄rm is expected to learn from the outcomes of these investments and the real options that are available for it to exploit in the future. We predict that ̄rms will follow a life-cycle...