Publications Database
Welcome to the new Schulich Peer-Reviewed Publication Database!
The database is currently in beta-testing and will be updated with more features as time goes on. In the meantime, stakeholders are free to explore our faculty’s numerous works. The left-hand panel affords the ability to search by the following:
- Faculty Member’s Name;
- Area of Expertise;
- Whether the Publication is Open-Access (free for public download);
- Journal Name; and
- Date Range.
At present, the database covers publications from 2012 to 2020, but will extend further back in the future. In addition to listing publications, the database includes two types of impact metrics: Altmetrics and Plum. The database will be updated annually with most recent publications from our faculty.
If you have any questions or input, please don’t hesitate to get in touch.
Search Results
Clayton, J., Devine, A. (2021). "Beyond Environmental Building Certification: The Impact of Environmental Interventions on Commercial Real Estate Operations", Energy Economics.
Abstract
We extend the commonly-studied definition of investment in sustainable and energy efficient real estate beyond environmental building certification to include three additional types of environmentally-focused building interventions: environmentally-focused capital expenditure (capex); monitoring; and, tenant engagement. Appealing to behavioral economics and finance theory, we test for a connection between changes in tenant and property management behavior and electricity consumption. Through a partnership with a global institutional investment manager, this study examines ten years of asset-level operating statement and electricity consumption data in Canadian and U.S. office buildings, measuring both the initial impact of such interventions as well as any adjustments observed over time. Analysis of the proprietary intervention data allows us to better understand the impact of varied environmental interventions on the electricity consumption of commercial real estate. We find that all four intervention categories, including building certification, are associated with decreased electricity consumption, with tenant engagement providing an immediate decrease that is maintained over time. Environmentally-focused capex is also associated with decreased electricity consumption in both Canada and the U.S. Taken together the results indicate that utility consumption and its associated costs are only minimized when multiple environmental interventions are implemented.
Chang, Q. and Devine, A. (2019). "The Financial Benefits to Retail Users of Environmentally Certified Space", Journal of Cleaner Production, 211, 1586-1599.
Abstract
Much research exists measuring income and valuation premiums to owners and operators of environmentally-certified real estate, yet little work examines the financial impact to the space users, outside of decreased utility costs. Such implications for space users are of great importance, as tenant businesses may be unwilling or unable to pay a rental rate premium for environmentally-certified space if there is not an associated user benefit. Under a simple yet rigorous fixed effects model with geographic clustering, we study the relationship between environmentally-certified retail space and location-specific financial performance. Examining retail bank branches, we find that LEED certified spaces are associated with above average deposit levels, while Energy Star-certified branches offer inconsistent results. These results are tested in an event study which validates the findings, and indicates that the benefits of LEED extend years past initial certification, evidencing lasting income-related benefits. Finally, bank- and branch-specific subsample analyses confirm these results while controlling for idiosyncratic characteristics.Chang, Q. and Devine, A. (2019). "Environmentally-Certified Space and Retail Revenues: A Study of U.S. Bank Branches", Journal of Cleaner Production, 211, 1586-1599.
Abstract
Environmentally-certified Space and Retail Revenues: A Study of U.S. Bank BranchesBond, S.A. and Devine, A. (2016). "Incentivizing Green Single-Family Construction: Identifying Effective Government Policies and Their Features", Journal of Real Estate Finance and Economics, 52(4), 383-407.
Abstract
For more than a decade, governments have been incentivizing, and now requiring, private developers to construct energy efficient, sustainable projects. We examine the effectiveness of green single-family construction incentive programs. A cross-sectional comparison of municipalities with and without green private residential incentive programs indicates which government levels of policy issuance and which types of certification programs prove most successful, and when those impacts should be expected. Findings indicate that only municipalities experience success with construction-related policies, which may be tailored to their local market’s construction demands. Business-related policies, however, prove effective at all levels of government implementation, with particular success at the state level. Lastly, event studies and multiyear window data indicates that green incentive policies elicit the greatest change 2 to 3 years after their implementation.Bond, S.A and Devine, A. (2016). "Certification Matters: Is Green Talk Cheap Talk?", Journal of Real Estate Finance and Economics, 52(2), 117-140.