Research

Working Papers

• The Biodiversity Protection Discount
  With G. Bahrami and M. Gustafson

• Who Should Manage Impact Investments? Evidence from Affordable Housing
  With J. Cornaggia and C. Spaenjers

Publications

Finance

• Specialization and Performance in Private Equity: Evidence from the Hotel Industry
  Journal of Financial Economics, 2024, 162, 103930, with C. Spaenjers
  Covered by TreppWire Podcast

• Distortionary Effects of PPP Loans on Business Competition: Evidence from the Hotel Industry
  Journal of Financial Intermediation, 2024, 59, 101099, with A. Tchistyi

• Do Real Estate Values Boost Corporate Borrowing? Evidence from Contract-Level Data
  Journal of Financial Economics, 2022, 144(2), 611-644, with M. Campello, R. Connolly, and G. Kankanhalli

• The Rate of Return on Real Estate: Long-Run Micro-Level Evidence
  Review of Financial Studies, 2021, 34(8), 3572-3607, with D. Chambers and C. Spaenjers
  Covered by The Economist, Bloomberg

Real Estate (Selected)

• Climate Change and Commercial Real Estate: Evidence from Hurricane Sandy
  Real Estate Economics, 2024, 52(3), 687-713, with J. Addoum, P. Eichholtz, and E. Yönder
  Covered by Federal Reserve Bank of Richmond, UN Environment Program, Deutsche Bank CIO Brief

• Quantitative Easing and Agency MBS Investment and Financing Choices by Mortgage REITs
  Real Estate Economics, 2022, 50(4), 931-965, with W. Frame
  Covered by Central Banking News, Federal Reserve Bank of Dallas, Brookings Institution

• Location Density, Systematic Risk, and Cap Rates: Evidence from REITs
  Real Estate Economics, 2022, 50(2),  366-400, with G. Fisher, S. Titman, and A. Viswanathan

• Economic Fundamentals, Capital Expenditures, and Asset Dispositions
  Journal of Real Estate Finance and Economics, 2022, 64, 361–378, with B. Ambrose

• What Happens During Flight to Safety: Evidence from Public and Private Real Estate Markets
  Real Estate Economics, 2022, 50(1), 147-172, with W. Boudry and R. Connolly

• Financial Flexibility and Manager–Shareholder Conflict: Evidence from REITs
  Real Estate Economics, 2020, 48(1), 200-239, with T. Riddiough
  Covered by IPE Real Assets

• Fundamental Drivers of Dependence in REIT Returns
  Journal of Real Estate Finance and Economics, 2018, 57(1), 4-42, with J. Alcock

• The Consequences of REIT Index Membership for Return Patterns
  Real Estate Economics, 2018, 46(1), 210-250, with A. Pavlov and S. Wachter
  REE Top Cited Article 2022-2023
  Covered by Nareit Developments

• REIT Capital Structure Choices: Preparation Matters
  Real Estate Economics, 2018, 46(1), 160-209, with A. Pavlov and S. Wachter
  Covered by Seeking Alpha

• Macroeconomic Risk Factors and the Role of Mispriced Credit in the Returns from International Real Estate Securities
  Real Estate Economics, 2015, 43(1), 241-270, with A. Pavlov and S. Wachter

• Joint Leverage and Maturity Choices in Real Estate Firms: The Role of the REIT Status
  Journal of Real Estate Finance and Economics, 2014, 48(1), 57-78, with J. Alcock and K. Tan

• The Role of Financial Leverage in the Performance of Private Equity Real Estate Funds
  Journal of Portfolio Management - Special Real Estate Issue, 2013, 39(5), 99-110, with J. Alcock, A. Baum, and N. Colley
  Covered by Portfolio Management Research, Journal of Private Equity 

• Manipulation in U.S. REIT Investment Performance Evaluation: Empirical Evidence
  Journal of Real Estate Finance and Economics, 2013, 47(3), 434-465, with J. Alcock and J. Glascock