Investment in U.S. real estate is becoming increasingly competitive due to increased capital flows and improving industry fundamentals. U.S. Real Estate Investment Trusts (REITs) are seeking new investment opportunities through international investments. This paper reviews the research literature to determine possible investor reaction to international diversification strategies by U.S. REITs and identifies recent diversification trends. We find that the US REITs that specialize in corporate real estate are beginning to diversify internationally through joint ventures with local firms. Empirical evidence shows that Tobin's Q ratios are positively related to international investment in 2003 when asset size and property types are controlled for. The relationship, however, disappeared in a...
...The market capitalization of U.S. Real Estate Investment Trus... (form 1 0-K) for each REIT, including the book value of assets, liabilities and equity. The marke...
In the recent past, the automotive supply industry has been facing increasing merger activity. This paper examines the short- and long-term wealth effects of horizontal mergers and acquisitions on acquirers in the automotive supply industry. Based on a sample of 230 takeover announcements between 1981 and 2007, significant positive announcement returns to acquiring companies were determined. While these positive short-term returns to acquirers represent an outstanding attribute of this industry in terms of perceived synergy potential, this study also finds that acquirers are unable to sustain this exceptional position beyond a short-term horizon. A combination of the Fama-French-3-Factor model in calendar time and the control firm approach in event time consistently reveals significant ...
... mergers and acquisitions seem to create value. However, as this short-term value creation potent... approaches based on size, risk and market-to-book ratios or expected-rerurn models such as the ten-f...
...Determine latest work-in-process value -- particularly where production costs have been e...Determine net fair market value for tangible assets (eg., book value vs. liq...
Moneyball (Lewis, 2003) is a book about baseball. The book describes how a small-market Major League Baseball team, the Oakland Athletics, has been able to compete with large-market teams by being innovative in a tradition-laden industry. However, when read through a business management lens, one discerns that this baseball book, in fact, has general management lessons in a variety of areas including leadership, innovation, overcoming resistance to change, and creating a sustainable competitive advantage. In this article, we outline and illustrate the valuable lessons for business that emerge from the Moneyball story. More specifically, we provide a brief overview of the book; summarize arguments for applying Moneyball ideas to management as presented in the popular media as well as in ...
... traits most associated with a player's true value to his team.1 Such analysis had important implicat...
.... Determine latest work-in-process value -- particularly where production costs have been e.... Determine net fair market value for tangible assets (eg., book value vs. liq...
EPA and NHTSA, on behalf of the Department of Transportation, are issuing this joint proposal to further reduce greenhouse gas emissions and improve fuel economy for light-duty vehicles for model years 2017-2025. This proposal extends the National Program beyond the greenhouse gas and corporate average fuel economy standards set for model years 2012-2016. On May 21, 2010, President Obama issued a Presidential Memorandum requesting that NHTSA and EPA develop through notice and comment rulemaking a coordinated National Program to reduce greenhouse gas emissions of light-duty vehicles for model years 2017- 2025. This proposal, consistent with the President's request, responds to the country's critical need to address global climate change and to reduce oil consumption. NHTSA is proposing C...
... Credits and Fuel Consumption Improvement Values, Off-cycle Reductions, and Full-size Pickup Trucks... of vehicles that are currently in the marketplace. The agencies' believe there is a wide range o...Docket EPA-HQ-OAR-2010-0799. This book can be viewed on the National Academy Press Web si...
... that threatened to freeze the credit markets essential to the functioning of the American and i...His most recent book is A Divider, Not a Uniter: George W. Bush and the... of Obama); in the logit equation it takes a value of 1 respondent approved of Obama's job performanc...
... OF GOOGLE'S BUSINESS AND GOOGLE'S MARKET A. Some Basics of Online Search B. Google's Market... of a suit arising from its Google Books project. (64) Moreover, Google has faced a full an... sites (as is increasingly the case), the value to these heavily-trafficked websites from advertis...
Does hedging add value to the firm, and if so, is the source of the added value consistent with hedging theory? We investigate jet fuel hedging behavior of firms in the US airline industry during 1992-2003 to examine whether such hedging is a source of value for these companies. We illustrate that the investment and financing climate in the airline industry conforms well to the theoretical framework of Froot, Scharfstein, and Stein (1993). In general, airline industry investment opportunities correlate positively with jet fuel costs, while higher fuel costs are consistent with lower cash flow. Given that jet fuel costs are hedgeable, airlines with a desire for expansion may find value in hedging future purchases of jet fuel. Our results show that jet fuel hedging is positively related t...
... are forced to sell aircraft at below-market prices. Froot et al. (1993) suggest that firms fac... net income plus depreciation (scaled by book value of assets). Industry cash flow has also show...
... of licensed products out of the total market of almost $192 billion worldwide. In a tough econo... their wallets because a product combines value and trendright positioning. Disney Consumer Produc... categories and millions of magazines and books sold worldwide. Disney Pixar's Cars generated $2.5...
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