{"id":616,"date":"2020-04-28T01:20:19","date_gmt":"2020-04-27T17:20:19","guid":{"rendered":"http:\/\/localhost:8888\/?p=616"},"modified":"2025-12-28T05:16:20","modified_gmt":"2025-12-27T21:16:20","slug":"return-enhancing-cash-rich-or-simply-empire-building-an-empirical-investigation-of-corporate-real-estate-holdings","status":"publish","type":"post","link":"https:\/\/www.gssinst.org\/irer\/2020\/04\/28\/return-enhancing-cash-rich-or-simply-empire-building-an-empirical-investigation-of-corporate-real-estate-holdings\/","title":{"rendered":"Return Enhancing, Cash-rich or simply Empire-Building? An Empirical Investigation of Corporate Real Estate Holdings"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"616\" class=\"elementor elementor-616\" data-elementor-settings=\"[]\">\n\t\t\t\t\t\t<div class=\"elementor-inner\">\n\t\t\t\t\t\t\t<div class=\"elementor-section-wrap\">\n\t\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-30668d3 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"30668d3\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-3a66bdba\" data-id=\"3a66bdba\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-5e44c28f elementor-widget elementor-widget-text-editor\" data-id=\"5e44c28f\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\"><div class=\"article_label\">Article<\/div><p class=\"article_title\">Return Enhancing, Cash-rich or simply Empire-Building? An Empirical Investigation of Corporate Real Estate Holdings<\/p><div><p class=\"title_label_large\">Author<\/p><p class=\"title_label_large\">Start Page \/ End Page<\/p><p class=\"title_label\">Volume<\/p><p class=\"title_label\">Issue Number<\/p><p class=\"title_label\">Year<\/p><p class=\"title_label_large\">Publication<\/p><\/div><div><p><!-- Author \/ StartEndPage \/ Volume \/ IssueNumber \/ Year \/ Publication --><\/p><p class=\"title_text_large\">Julan Du, Charles Ka Yui Leung, Derek Chu<\/p><p class=\"title_text_large\">301 \/ 357<\/p><p class=\"title_text\">17<\/p><p class=\"title_text\">3<\/p><p class=\"title_text\">2014<\/p><p class=\"title_text_large\">International Real Estate Review<\/p><\/div><div class=\"empty\">\u00a0<\/div><p class=\"abstract_label\">Abstract<\/p><p><!-- Abstract Content --><br \/>No, we find no evidence for a return-enhancing role for corporate real estate holdings, which is consistent with the previous literature. Instead, our study based on a sample of U.S. listed corporations suggests that corporate real estate holdings are a form of managerial \u201cempire building\u201d. Corporations with weaker corporate governance and a lower degree of financial constraint tend to have higher real estate holdings, whereas higher real estate holdings are associated with lower returns to shareholders. The impact of corporate governance on corporate real estate holdings seems to be stronger in manufacturing-related industries. Implications and future research directions are discussed.<\/p><p><!-- PDF DownloadLink --><\/p><p>\u00a0<\/p><p class=\"download\"><a href=\"http:\/\/www.gssinst.org\/irer\/wp-content\/uploads\/2020\/10\/v17n3-return-enhancing-cash-rich-or-simply-empire-building.pdf\"><strong>View PDF -https:\/\/doi.org\/10.53383\/100188<\/strong><\/a><\/p><div class=\"empty\">\u00a0<\/div><p class=\"abstract_label\">Keywords<\/p><p><!-- Keywords --><\/p><p class=\"keywords\">Time-Varying Integration, Return and Volatility Causality, Multivariate Asymmetric DCC-GARCH, Return Convergence, Securitized Real Estate Markets, International Stock Markets<\/p><p><a class=\"backpage\">Back to Previous Page<\/a><\/p><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<div>\n<p class=\"title_label_large\">Author<\/p>\n<p class=\"title_label_large\">Start Page \/ End Page<\/p>\n<p class=\"title_label\">Volume<\/p>\n<p class=\"title_label\">Issue Number<\/p>\n<p class=\"title_label\">Year<\/p>\n<p class=\"title_label_large\">Publication<\/p>\n<\/div>\n<div>\n<!-- Author \/ StartEndPage \/ Volume \/ IssueNumber \/ Year \/ Publication --><\/p>\n<p class=\"title_text_large\">Julan Du, Charles Ka Yui Leung, Derek Chu<\/p>\n<p class=\"title_text_large\"> 301 \/ 257<\/p>\n<p class=\"title_text\">17<\/p>\n<p class=\"title_text\">3<\/p>\n<p class=\"title_text\">2014<\/p>\n<p class=\"title_text_large\">International Real Estate Review<\/p>\n<\/div>\n<p class=\"abstract_label mt16\">Keywords<\/p>\n<p class=\"keywords\">Time-Varying Integration, Return and Volatility Causality, Multivariate Asymmetric DCC-GARCH, Return Convergence, Securitized Real Estate Markets, International Stock Markets<\/p>\n<p class=\"downloadLine\"><a href=\"https:\/\/www.um.edu.mo\/fba\/irer\/papers\/past\/vol17n3_pdf\/02.pdf\">Download Entire Article.<img src=\"https:\/\/i.ibb.co\/m8rCXNQ\/download-pdf-large.png\" alt=\"download-pdf-large\" border=\"0\"> <\/a><\/p>\n","protected":false},"author":6,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"article-template.php","format":"standard","meta":[],"categories":[78,77],"tags":[],"_links":{"self":[{"href":"https:\/\/www.gssinst.org\/irer\/wp-json\/wp\/v2\/posts\/616"}],"collection":[{"href":"https:\/\/www.gssinst.org\/irer\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.gssinst.org\/irer\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.gssinst.org\/irer\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/www.gssinst.org\/irer\/wp-json\/wp\/v2\/comments?post=616"}],"version-history":[{"count":3,"href":"https:\/\/www.gssinst.org\/irer\/wp-json\/wp\/v2\/posts\/616\/revisions"}],"predecessor-version":[{"id":4979,"href":"https:\/\/www.gssinst.org\/irer\/wp-json\/wp\/v2\/posts\/616\/revisions\/4979"}],"wp:attachment":[{"href":"https:\/\/www.gssinst.org\/irer\/wp-json\/wp\/v2\/media?parent=616"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gssinst.org\/irer\/wp-json\/wp\/v2\/categories?post=616"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gssinst.org\/irer\/wp-json\/wp\/v2\/tags?post=616"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}