This paper studies the effect of the bid-ask spread on asset pricing. We analyze a model in
which investors with different expected holding periods trade assets with different relative …

If investors value securities according to their returns net of trading costs, then they should
require a higher expected return, the higher a stock's bid-ask spread, in order to compensate …

Real estate asset management has been and will continue to be a topic of great interest.
Specifically, does real estate warrant inclusion in an efficient portfolio? And if so, how much …

We examine the relation between equity market liquidity and capital structure. We find that
firms with more liquid equity have lower leverage and prefer equity financing when raising …

This new text provides a rigorous analysis of real estate markets. Three main sections cover:
microeconomics of property markets the macroeconomics of commercial property the …

Property investment markets and applied property research are now recognised as an
increasingly important international phenomenon. Written by two of the most respected …

Are global city office markets inherently unstable? This examination of office markets in
major world cities analyses the flows of capital that create urban form, the nature of …

In this article we compare public and private real estate equities. In so doing, we control for
three of the main differences between these investment alternatives: property‐type mix …

Returns on real estate investments have been examined from many historical perspectives.
This study provides a comprehensive review of the real estate investment literature …

A guide to the growing importance of extreme value risk theory, methods, and applications in
the financial sector Presenting a uniquely accessible guide, Extreme Events in Finance: A …