Corporate managers often invest in activities that are deemed to be socially responsible. In
some instances, these investments enhance shareholder value. However, in other cases, …

Using a database of more than 8,000 companies from 35 countries, we find that the value of
corporate diversification is related to the level of capital market development, international …

A great deal of research has focused on the links between stock and bond market returns and
macroeconomic events such as fluctuations in interest rates, inflation rates, and industrial …

Using an improved measure of a common stock's annualized dividend yield, we document
that risk‐adjusted NYSE stock returns increase in dividend yield during the period from 1963 …

This paper tests whether commercial real estate markets (both exchange‐traded and non‐exchange‐traded)
are integrated with stock markets using multifactor asset pricing models. …

This paper investigates the return performance of publicly traded real estate companies.
The analysis spans the 1984–1999 time period and includes return data on over 600 …

This article presents evidence on predictability of excess returns for equity REITs relative to
the aggregate stock market, small-capitalization stocks, and T-bills using best-fit models from …

The theoretical literature suggests a positive relation between financial leverage and asset
returns, but the empirical evidence on this effect is mixed. We examine leverage effects in …

This study examines the relationship between corporate internationalization and the cost of
equity capital. We find that international diversification reduces the cost of equity. The …

Momentum return investment strategies that diversify across countries provide lower portfolio
standard deviations and/or increased expected returns. These diversification benefits are …