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This paper provides an empirical analysis of office building rents using data for a five-year period in a medium- sized city. The results indicate that rent levels respond to various factors in the expected manner: rents vary systematically across classes of buildings and locations, overall market conditions have a significant impact on rents, and contract variations are associated with rent differences. We also present the first evidence at the building level on the rent-vacancy adjustment process. The results show a significant relationship between rent changes and vacancies. Copyright American Real Estate and Urban Economics Association.

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Real Estate Investment Trusts (REIT), Momentum predictability, Market states, Dividend-growth-rate model,

A fundamental paradigm in financial economics is the notion of market efficiency, that prices at any point in time accurately reflect current knowledge of the true value of assets. Market efficiency also implies that prices adjust instantaneously to the arrival of new information. Although some exceptions exist, the general consensus is that the market for common stocks is relatively efficient. Much less is known, however, about bond market efficiency mostly because of the lack of data on bond pricing.In contrast to stocks, most bonds trade over the counter and historically no pricing information has been available on these issues or these trades. Until recently, all empirical research on bond pricing has been done using listed bonds. There are several limitations to this approach. First, there are relatively few such listed bonds, and second, these bonds trade infrequently. Nunn, Hill and Schneeweis (1 986) have provided evidence that institutional bond prices and listed bond prices vary substantially. They find the correlation between bond betas using institutional prices versus those calculated from listed prices (such as those from Moody's or the Wall Street Journal) do not exceed 20 percent. Their important conclusions are that results obtained using listed prices may not be generalizable to the institutions market.While recent work by Holthausen and Leftwich (1986), Stickel (1986) and Wansley, Elayan and Maris (1990) shows that changes made by rating agencies affect common and preferred stock prices, the purpose of this research is to test for the impact of a bond rating change or placement on the Creditwatch list on the firm's bondprices. The use of bond prices as a tool to examine the information contained in a rating change may be more efficient since the effect of a rating change on common stock prices could be ambiguous. Informational effects would cause the common stock prices to move in the same direction 'The authors are respectively from the

Recent financial economics literature has hypothesized that variations in market structure influence the distribution of gains from corporate restructuring between buyers and sellers. We test this hypothesis using data on restructuring involving real estate assets by isolating the effects depending on multiple versus single bidders, acquisition frequency and transaction type. While we find gains for both buyers and sellers, the buyers gain only when they make few purchases. Those firms pursuing an acquisition strategy show no gains around the specific acquisition announcements. Additionally, both buyers and sellers are more likely to have a positive reaction to the announcement when the transaction is property rather than a division or subsidiary. Copyright American Real Estate and Urban Economics Association.

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