A model of asymmetric asset value information and nonverifiability of liquidation motives is
developed to examine the optimal design and governance of asset-backed securities. …

… ), first-mover advantages and entry deterrence in imperfectly competitive markets (Spence
1977) or the imminent threat of the taking of investment rights through regulation (Riddiough …

We examine financing, investment and investment performance in the equity REIT sector
over the 1981–1999 time period. Analysis reveals significant differences between the old‐REIT …

We conduct an analysis of public financial offerings of equity Real Estate Investment Trusts (REITs),
with a focus on liability structure effects and whether or not firms target longer‐run …

This paper considers how the potential for mixing uses and redevelopment impact property
value. Operating flexibility of this type is found to significantly increase property value when …

Classic asset pricing is problematic as a method to assess privately held asset investment
performance. We propose an alternative approach that involves adjusting the characteristics …

In this paper the real options approach to land valuation is extended by: (i) showing how land
value may be adversely effected when localities threaten a regulatory taking with less than …

Investment and liquidity management are analyzed in a sector in which firms are exogenously
cash constrained and empirical estimates of Tobin's q provide reliable measures of …

We analyze a financially distressed owner-managed project. The main results of the model
are: (1) borrower default is an endogenous response to the anticipated restructuring–…

This paper considers the pricing of multiclass commercial mortgage-backed securities. A
contingent-claims pricing methodology that overcomes state variable dimensionality problems …