Published in World Development, 2025
Enhanced environmental performance measurability leads to improved environmental quality, particularly when local leaders possess strong career incentives and their financial support is directly contingent on successful environmental protection outcomes.
Published in PloS one, 2024
This paper decompose the impact of high-speed rail (HSR) on firm innovation into extensive (more firms innovating) and intensive (firms innovating more) margins, revealing that the net positive effect is a trade-off between beneficial knowledge spillovers and a detrimental “brain drain” from peripheral counties to urban centers. While HSR boosts overall innovation, it can exacerbate regional inequality, necessitating targeted policies to support innovation in peripheral areas and mitigate the brain drain effect.
Published in Journal of Real Estate Research, 2024
ESG performance of property management companies is capitalized into housing prices, with the value premium driven by a reduction in perceived risk and a higher rental growth rate rather than by higher gross rents. Management firms can directly enhance property values by improving ESG practices, and investors should incorporate this non-physical attribute into their valuations.
Published in The Journal of Real Estate Finance and Economics, 2024
Clawback provisions are a value-relevant corporate governance mechanism even in the highly regulated REIT market, as investors positively value the adoption of strong policies, particularly in firms with higher prior financial restatement risk and disclosure opacity. Adopting such policies tangibly improves REIT governance by reducing the likelihood of financial restatements, enhancing the quality of financial disclosures, and curbing aggressive investment.
Published in International Review of Financial Analysis, 2024
For US Real Estate Investment Trusts (REITs), this study finds that higher environmental performance negatively impacts future stock returns and firm fundamentals, while social and governance performance are positively associated with both. These contrasting effects stem from the high costs of environmental investments versus the benefits of social and governance practices, underscoring that influence of ESG on equity returns is component-specific.
Published in The Journal of Real Estate Finance and Economics, 2021
The beta anomaly in the REIT market and providing evidence that it is driven by the preference of institutional investors for high-beta assets, which supports the leverage constraints hypothesis over alternative explanations. This institutional demand inflates the prices of high-beta REITs, causing their subsequent risk-adjusted underperformance and creating profitable opportunities for strategies that bet against beta.
Published in The Journal of Real Estate Finance and Economics, 2021
Real estate professionals in REITs anticipated the 2007-2008 financial crisis by significantly selling their holdings as early as 2004, which refutes the competing “biased belief hypothesis” that they were over-optimistic. Unlike many experts in the broader financial industry, these sophisticated real estate insiders successfully foresaw the systemic risk in the housing market, suggesting their trading patterns can act as an early warning signal for sector-wide bubbles.