Nick Mansley
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Good growth, bad growth: Market reaction to capital raising for REIT expansion Open
When a firm issues security to finance its growth, how does the market react and do investors differentiate between good and bad growth? By manually reading the intended use of proceeds of each security offering of U.S. REITs during 2000–2…
Long lease real estate – a revised role for real estate in pension fund portfolios Open
Purpose Long lease real estate funds (over £15bn in Q3 2020) have emerged as an increasingly important part of UK pension fund real estate portfolios. This paper explores the reasons for their dramatic growth, their characteristics and per…
CAN RAINMAKERS JUSTIFY THEIR PAY? THE ROLE OF INVESTMENT BANKS IN REIT M&AS Open
This study explicitly rejects the prima facie proposition that the top-tier investment banks are capable of delivering supernormal value creation to the shareholders of a REIT acquirer in a corporate acquisition. Using the event study meth…
View article: Modelling sustainable rents for estimation of long-term or fundamental values of commercial real estate
Modelling sustainable rents for estimation of long-term or fundamental values of commercial real estate Open
Commercial real estate occupier markets are analysed in the context of the debate over the role of real estate lending in financial stability and the search for long-term valuation methods to complement market value estimations. Models of …
DOES DEFAULT RISK MATTER FOR INVESTORS IN REITS Open
We investigate the relationship between default risk and REIT stock returns. A default risk long-short investment strategy generates a return of 15% per annum. We also evaluate a large number of potential explanations for the negative rela…