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
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.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.