Climate Regulatory Risk, Asset Stranding and Foreign Investors

with Pedro Gete

This paper studies how Boston’s Building Emissions Reduction and Disclosure Ordinance (BERDO) shapes prices, liquidity, and investor composition in commercial real estate markets, using property-level compliance data combined with CoStar transactions.

The Arm’s Length Standard at a Crossroads:  Theory, Practice, and Reform

This paper provides the first formalization of how the Arm’s Length Standard (ALS) understates system-wide income by omitting internalization rents, and examines how minimum-tax regimes interact with ALS-based pricing. The analysis combines a transaction-cost theoretical framework with semi-structured interviews from senior practitioners.