We estimate and compare a variety of continuous‐time models of the short‐term riskless
rate using the Generalized Method of Moments. We find that the most successful models in …

We analyze monthly returns on an equally weighted index of eighteen to twenty‐three
equity (real property) real estate investment trusts (REITs) that were traded on major stock …

Banks can choose to keep loans on balance sheet as private debt or transform them into
public debt via asset securitization. Securitization transfers credit and interest rate risk, …

We examine the predictable components of returns on stocks, bonds, and real estate
investment trusts (REITs). We employ a multiple-beta asset pricing model and find that there are …

We examine the risk and return characteristics of publicly traded real estate companies from
14 countries over the period 1990 to 2001. Our data are monthly country‐level commercial …

One of the major developments in real estate finance during the 1990s was the emergence
of a viable market for commercial mortgage backed securities. The growth in this market has …

The magnitude of the effect of government‐sponsored enterprise purchases on primary
mortgage market rates has been a difficult research question with differing data and competing …

This Article examines Richard Posner's critique of FA Hayek's legal theory and contrasts the
two thinkers' very different views of the nature of law, knowledge, and the rule of law. Posner …

The real estate investment trust (REIT) industry has undergone three waves of initial public
offerings (IPOs) since 1980. In this article we examine these waves within the context of the …

This article focuses on the potential externalities associated with subprime mortgage
origination activity. Specifically, we examine whether negative spillover effects from subprime …