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View article: Human mobility and commercial real estate: Evidence from REIT operating performance
Human mobility and commercial real estate: Evidence from REIT operating performance Open
The pandemic triggered a structural shift in the ways we work and live, and consequently altered human mobility. This study reveals how human mobility affects commercial real estate performance. We first use a machine learning model to det…
View article: Adaptation Using Financial Markets: Climate Risk Diversification through Securitization
Adaptation Using Financial Markets: Climate Risk Diversification through Securitization Open
In the face of rising climate risk, financial institutions may adapt by transferring such risk to securitizers that have the skill and expertise to build diversified pools, such as Mortgage-Backed Securities.In diversified pools, exposure …
View article: Climate change and commercial real estate: Evidence from Hurricane Sandy
Climate change and commercial real estate: Evidence from Hurricane Sandy Open
We study how professional investors capitalize flood risk in commercial real estate (CRE) markets after hurricane Sandy. We show that New York CRE exposed to flood risk trades at a large, persistent discount. CRE in Boston, which mostly es…
View article: Distance effects in CMBS loan pricing banks versus non-banks
Distance effects in CMBS loan pricing banks versus non-banks Open
The composition of lenders has changed dramatically since the crisis, and non-bank lenders have become important players in the commercial mortgage-backed securities (CMBS) markets. Comparing banks to non-bank lenders, we investigate wheth…
View article: Shuffling through the Bargain Bin: Real-Estate Holdings of Public Firms
Shuffling through the Bargain Bin: Real-Estate Holdings of Public Firms Open
Constructing a novel database on the real-estate holdings of public firms, we show that distressed firms sell their real-estate assets at a discount relative to healthy firms. We find that distress discount in real-estate assets is less pr…
View article: Decomposing the Value Effects of Sustainable Investment: International Evidence
Decomposing the Value Effects of Sustainable Investment: International Evidence Open
We provide the first systematic, international decomposition of possible financial benefits of sustainable real estate investment on corporate performance metrics across the two leading country-markets in terms of sustainable property cert…
View article: Decomposing the Value Effects of Sustainable Investment: International Evidence
Decomposing the Value Effects of Sustainable Investment: International Evidence Open
We provide the first systematic, international decomposition of possible financial benefits of sustainable real estate investment on corporate performance metrics across the two leading country-markets in terms of sustainable property cert…