Corporate Real Estate Strategy: A Conceptual Overview

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?

Real estate price peaks: a comparative overview

First, we emphasize that the real estate price peaks which are currently under way in many industrialized countries (one important exception is Japan) share many of the characteristics of previous historical price peaks. In particular, we show that: (i) In the present episode real price increases are, at least for now, of the same order of magnitude as in previous episodes, typically of the ord...

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...