Real Estate Prices and Corporate Investment: Theory and Evidence of Heterogeneous Effects across Firms

Do Real Estate Shocks Affect Corporate Investment?

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...

Board Diversity and Corporate Social Responsibility: Evidence from Iranian Firms

According to agency theory, board of directors plays an important monitoring role in reducing information asymmetry and increasing the transparency of financial statements and social responsibility. This research is concerned with examining board diversity and social responsibility of the firms listed on the Tehran Stock Exchange during the years 2011-2015. To do so, a sample of 98 firms was se...

The Role of Corporate Governance in Initial Public Offerings: Evidence from Real Estate Investment Trusts

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 107 IPOs of real estate investment trusts (REITs) between 1991 and 1998. Using a single industry and...

Institutional investors as monitors of corporate diversification decisions: Evidence from real estate investment trusts

☆ Wewould like to thank an anonymous referee, Jeff and the participants at the 2010 American Real Estate Real Estate Investment Trusts, and the 2010 UC Irvine A research associate of the NBER and an advisor to Gers ⁎ Corresponding author at: Department of Finance, E-mail address: [email protected] 1 Lewellen (1971) discusses the coinsurance effect problems around equity offerings....