The Effect of Poison Pill Securities on REIT Stock Prices

Spring/Summer 1991, Vol 16, No 1 Abstract: Empirical evidence concerning the effect of poison pill takeover defense on real estate investment trust (REIT) shareholder wealth indicates that announcement of the adoption of a poison pill strategy is associated with a significant decline in stock price. The percentage of this stock price decline appears to be similar… Read more

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The Effect of Intertemporal Dependence in Cash Flows on Project Risk

Spring/Summer 1991, Vol 16, No 1 Abstract: A study examining the relationships between single project risk (and in particular the effect of intertemporal correlation in cash flows), present value, duration and optimal investment holding period shows that higher intertemporal correlation results in lower net cash flows, a shorter optimal holding period and shorter duration of net… Read more

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Real Estate in 3-D: See It Now!

Fall/Winter 1990, Vol 15, No 2 Abstract: The institutional commitment to real estate equity investments in ‘core properties’ most likely will continue to garner only the average returns generated by similarly diversified real estate portfolios. In order to overcome the herd mentality and gain returns superior to other portfolios, diversification into various real estate market sectors… Read more

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Real Estate Counseling in the Development Process

Fall/Winter 1990, Vol 15, No 2 Abstract: A real estate counselor can wear the hat of a developer, appraiser, property manager, architect or lawyer, to name a few. The counselor can be found in corporations, accounting firms, financial institutions or on the witness stand as an expert witness. This article focuses on describing these numerous roles… Read more

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Foreign Investment in U.S. Real Estate

Fall/Winter 1990, Vol 15, No 2 Abstract: Most foreign investment in U.S. real estate today is made by institutions driven by the prospects of obtaining more favorable yields. But, returns on U.S. real estate are not as strong as those that can be obtained from real estate investments in other countries. Fears that foreign investors will… Read more

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Capitalization Rate in a Dynamic Environment

Fall/Winter 1990, Vol 15, No 2 Abstract: The capitalization rate was a useful tool of valuation in the 20 years following World War II. In today's sophisticated and global real estate market, it is far less useful. The capitalization rate in and of itself is meaningless unless it is placed in context. Can it be used as a basis for valuation of a property? Read More