An Empirical Examination of Compensation of REIT Managers

Principal-agent literature finds that manager and owner incentives can be aligned with performance contingent contracts. We investigate the compensation of Real Estate Investment Trust (REIT) industry executives. The competitive nature of mortgage and equity markets, in conjunction with the corporate tax exemption available when REITs distribute most of their earnings as dividends, is likely to influence the compensation of REIT managers. Executive compensation is modeled as a function of revenues and unexpected profit. After transforming the model to reduce collinearity and heteroskedasticity, we find compensation to be generally positively related to revenue. We also find unexpected profit to be generally insignificantly related to compensation, but positively related in those cases where it is significant.

Mortgage Lenders' Market Response to a Landmark Regulatory Decision Based on Fair Lending Compliance

Regulation of real estate lending has substantially increased in the past decade. Government efforts to improve compliance with Community Reinvestment Act mandates are evidence of increased emphasis on racial equal opportunity in loan origination. To investigate the impact of these efforts, this paper examines the Federal Reserve Bank rejection of Shawmut National Corporation's application to buy New Dartmouth Bank. Rejection was based on Shawmut's poor compliance with fair-lending guidelines. Testing finds significant negative abnormal stock returns for samples of mortgage lenders on the announcement day of Shawmut's application rejection. In addition, cross-sectional analysis reveals an inverse relationship between national banks' cumulative abnormal returns (CARs) and a measure of fair lending.

The Impact of the California Earthquake on Real Estate Firms' Stock Value

The purpose of this study is to examine the effect of the October 17, 1989 California earthquake on the stock value of firms involved in the real estate industry. The impact of the earthquake on real estate-related stock prices is examined. The findings indicate that the earthquake conveyed important new information to the market that was reflected in statistically significant negative stock returns among those firms operating in the San Francisco area. Real estate-related firms operating in other areas of California were generally unaffected by the earthquake.

An econometric analysis of the demand surge effect

In case of a natural catastrophe there is an increased demand for skilled labor and materials which in turn leads to significant price increases that should be taken into account in the forecast of catastrophe losses. Such price effects are referred to as Demand Surge effects. The paper at hand presents an extensive econometric analysis and modeling of the Demand Surge effect. We find that Demand Surge is positively influenced by the total amount of repair work, by alternative catastrophes in the same region in close temporal proximity, and by a higher amount of insurance claims per event. Furthermore, the Demand Surge effect is more pronounced if the construction sector is in a growth stage. In contrast, a higher capacity of the construction sector has a restraining effect on Demand Surge. In addition, if we restrict the data to very severe catastrophes, we observe a saturation effect according to which a wage increase for building services before a catastrophe reduces the Demand Surge effect

Beyond the Surface

This thesis, Beyond the Surface, is a collection of work and designs that show experimentation with traditional metalsmithing techniques, digital fabrication, and manufactured materials juxtaposed with natural found objects. I use microscopic patterns found in organic structures, such as lichen, algae and fungi. Using electron and fluorescent microscope imaging and working with Georgia Southern\u27s Biology department has aided in my increased understanding of the natural forms I use. By creating wearable forms that contain and hold found natural objects, I invite the viewer and wearer to analyze their unique connection with the objects’ temporal nature

Dividend Decapitalization And Financial Performance Signals

This study examines the stock price response to dividend announcements which include a return of capital to owners.  The continuation of an amount previously distributed exclusively from earnings is effectively a dividend reduction.  Dividend cuts have been shown to provide an unfavorable signal to investors.  Empirical results indicate that the market does not infer unfavorable subsequent financial performance signals from “decapitalization” dividends