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, Isabelle Jolin, Nils Kok & Erkan Yönder (2024). "How Gender Diversity Shapes Cities: Evidence from Risk Management Decisions in REITs", Journal of Business Ethics, 189, 723–741 .
Abstract
In this paper, we study the impact of CEO and board gender diversity on the risk management decisions of 179 U.S. Real Estate Investment Trusts (REITs) during the 2001–2018 period. Using a bottom-up analysis on the properties in REIT portfolios, we find significant risk reduction associated with gender-diverse REIT leadership. We document that REITs with a woman CEO, in combination with more women on the board, display less active trading and a longer hold period for assets. In addition, REITs with more gender-diverse leadership are more geographically focused, which for REITs is considered a lower risk investment strategy. Finally, REITs with more gender-diverse leadership are more actively investing in environmentally sustainable real estate. We conclude that gender diversity in real estate firms carries real-life implications for U.S. cities, given their key role as developers, owners, and operators of the built world.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.
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.Devine, A. and Yonder, E. (2023). "Impact of Environmental Investments on Corporate Financial Performance: Decomposing Valuation and Cash Flow Effects", Journal of Real Estate Finance and Economics, 66(4), 778–805.
Abstract
Environmentally-sustainable investment can impact firm financial performance through multiple channels. We concentrate on disentangling the related cash flow and valuation impacts. By using an instrumental variable approach, we find that U.S. REITs with a more environmentally-sustainable portfolio attract premiums to their market valuation beyond operating benefits, carry lower systematic risk, and are subject to less uninformed trading (for office and retail portfolios). Such firms also experience both higher asset-level rental revenues and net operating income, and lower interest costs. Importantly, the equity market premium exceeds the property market premium, which is partially explained by reputational effects. Results also confirm valuation findings in office and retail portfolios.Rauf, M. A., & Weber, O. (2022). "Housing Sustainability: The Effects of Speculation and Property Taxes on House Prices within and beyond the Jurisdiction", Sustainability, 14(12), 7496.
Abstract
Housing plays an essential role in sustainable governance due to its socio-economic and environmental connection. However, the relationship between governance policies, market behavior, and socio-economic outcomes varies geographically and demographically. Therefore, segregated policies developed and implemented may fail to achieve their desired objectives because of the sensitivity of housing policies for their connection to human wellbeing. The effectiveness of housing policies in geographically connected regions is one of the areas that has received little attention in the Canadian context. The study follows a multi-step empirical method using a multiple linear regression model and a difference-in-difference approach to assessing the geographical variation of speculation and property taxes on housing markets. The study confirms that speculation taxes are not an effective tool in curbing house prices. Similarly, considering the role of property taxes in providing public services, delinking property taxes from a potential contributor to house prices would provide a better lens to develop local housing policies. Furthermore, the study also confirms that the housing market can be better assessed at a local scale, considering geographical influence in conjunction with investment trends.Rauf, M. A., & Weber, O. (2020). "Urban Infrastructure Finance and its Relationship to Land Markets, Land Development, and Sustainability: A Case Study of the City of Islamabad, Pakistan", Environment, Development and Sustainability, 23, 5016–5034.
Abstract
This study addresses the connection between financialization of real-estate, individual investment objectives, and urban sustainability. It uses a survey approach to explore the relationship between the financialization of urban development and its influence on urban sustainability in a developing country. We found that the respondents prefer to invest in real-estate to achieve a return on investment, rather than to build a house to live in. This behavior increases urban sprawl resulting in a slower occupancy growth rate and causes a delay in the provision of basic amenities, hence affecting urban sustainability. We conclude that it is necessary to create a balance between urban land development requirements for housing needs, investment requirements for revenue generation, and individual savings requirements. The study contributes to the literature on financialization by adding the view of individual private investors to the research that mainly addresses institutional investors.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 BranchesPrisman, E. (2015). "Real Estate Transactions in Ancient Israel: Excavating Imbedded Options Utilizing Modern Finance", Financial History Review, 22(1), 107-132.