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

Avis Devine, Andrew Sanderford & Chongyu Wang (2024). "Sustainability and Private Equity Real Estate Returns", The Journal of Real Estate Finance and Economics, 68, 161–18.

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Abstract This paper explores private equity real estate fund performance and voluntary environmental, social, and governance (ESG) disclosures. Using data from the National Council of Real Estate Investment Fiduciaries (NCREIF), it examines the relationship between performance for funds in the Open Ended Diversified Core Equity (ODCE) Index and reporting to the Global Real Estate Sustainability Benchmark (GRESB), a platform for disclosure about fund/firm-level ESG strategies and performance. The empirical analyses suggest four conclusions. First, there has been substantial adoption of and reporting to GRESB in the last 5 years, suggesting that reporting to GRESB is a form of table stakes for ODCE members. Second, GRESB participation and performance are both significant predictors of cross-sectional fund returns. Third, GRESB participation and performance are associated with the price appreciation component of fund total returns but not with the income component. Fourth, the relationships between fund returns and GRESB participation and scores are independent of local economic conditions. These results close an important gap in the literature about private equity real estate fund performance and ESG/climate change mitigation efforts in commercial real estate markets.

Avis Devine, Nils Kok and Chongyu Wang (2023). "Sustainability Disclosure and Financial Performance: The Case of Private and Public Real Estate", The Journal of Portfolio Management, Real Estate, 49(10), 119 – 133.

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Abstract The built environment carries an outsized environmental footprint, and aspects like energy consumption impact the bottom line of commercial real estate (CRE) investors. A large portion of commercial real estate assets are owned and operated by both private equity real estate (PERE) funds and listed property companies (REITs). Therefore, the extent to which these public and private entities integrate sustainability considerations into their investment and operating decisions may impact both the environmental and financial performance for the organizations as well as the environmental performance of the broader market. We provide a comprehensive analysis comparing the sustainability performance of REITs and PERE firms/funds, as well as an analysis of the relationship between sustainability and the financial performance of REITs. Results indicate that private and public CRE entities now seem on par in their integration of sustainability into firm management and policies. However, the performance aspect of sustainability is stronger for REITs. Examining REIT financial performance, results indicate that higher levels of sustainability disclosure are associated with enhanced operating performance and firm valuation, as well as a higher propensity for holding environmentally-certified buildings.

Mirza, M., Dordi, T., Alguindigue, P., Johnson, R., & Weber, O. (2023). "Sustainability in Private Capital Investing: A Systematic Literature Review", Journal of Management and Sustainability, 13(1), 119-138.

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Abstract The private capital asset class has grown to over $10 trillion in assets under management and has significant potential to contribute to environmental, social, and governance (ESG) goals. However, there is a dearth of academic research about ESG with regards to private capital investing. This literature review adopted a mixed-methods approach, combining a quantitative (bibliometric) analysis with a qualitative review of the articles. It was found that less than 1% of the literature, written in English, between 1960−2020 on private equity and venture capital addresses topics related to sustainability. It was also observed that the 46 papers which address sustainability topics can be categorized into 13 themes, including certifications and standards, impact investing, and corporate social responsibility. Investment in private securities grew at twice the rate as public securities during the end of this time-period and interest in sustainability integration in private capital investing is growing. Incentives for private equity and venture firms to engage with sustainable investments are being driven by institutional investors, such as pension funds and insurance companies. The focus of sustainability research has typically been on public markets, hindering the potential of private capital investment to influence sustainable policy and practices. The objective of this paper is to provide evidence of the dearth of academic literature on the topic of private capital markets and sustainable investment, while identifying current themes in the existing literature so that future work may address gaps in research.