Essays On Real Assets, Corporate Investment and Equity Financing: Evidence from U.S. Capital Markets and Securitized Real Estate

Abstract

This thesis deepens the understanding of real estate in the capital markets by addressing following three questions (1) how real estate risk influences corporate policies; (2) how securitized real estate manages the liquidity risk using real activities manipulation; (3) how investors? behaviour affects the equity pricing in the securitized real estate market. This thesis highlights the importance of real estate in corporate investment and corporate financing strategies. This research provides significant information on real estate values from novel perspectives as well as guidance to the corporate policy decisions making for different firm managers.