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SUMMARY:Fire sales: Good deals or price of low quality? - Dr Erkan Yönder
 \, Özyeğin University
DTSTART:20151021T150000Z
DTEND:20151021T160000Z
UID:TALK61964@talks.cam.ac.uk
CONTACT:Clare Eaves
DESCRIPTION:Using a novel and large transaction-level data on commercial r
 eal asset sales of public firms between 2000 and 2013\, we find that distr
 essed firms’ properties are sold at a significant discount when (1) the 
 property is not deployable for alternative uses\, (2) the number of potent
 ial buyers in the geographical region is few\, and (3) the firm operates i
 n a concentrated industry where there are few firms that could pay for the
  best-use price. When we compare the characteristics of the asset that was
  selected by the manager to be sold with the characteristics of other real
  estate assets held in a firm’s real estate portfolio\, we find evidence
  that firms seek to sell the assets that are less likely to be discounted.
  We show that these results are not explained by the quality of sold asset
 s (as measured by vacancy\, renovation and redevelopment status of the ass
 et). Finally\, we show that current loan spreads increase with the collate
 ral discount in the value of real estate holdings in case of a future fina
 ncial distress event.\n\n\nCo-authors for paper:  Professor Irem Demirci\,
  University of Mannheim and Professor Ümit Gürün\, University of Texas 
 at Dallas\n\n\nBiography\n\nErkan Yönder is an assistant professor of fin
 ance and real estate at Ozyegin University. He received his PhD degree in 
 Finance and Real Estate at Maastricht University in 2013. He also holds a 
 second PhD degree in Economics from the Middle East Technical University. 
 Dr. Yönder’s main research interests consist of securitized real estate
  (REITs)\, corporate finance\, behavioral finance\, green buildings and co
 rporate sustainability. He has written several papers\, some of which have
  been accepted for publication by the academic journals such as the Journa
 l of International Money and Finance and the Real Estate Economics\, and t
 he Journal of Economic Geography. Additionally\, Dr. Yönder has a book ch
 apter published by the University of Pennsylvania Press.  His research has
  been recognized and funded by research institutions such as the Real Esta
 te Research Institute (RERI) and the Principles for Responsible Investment
  (PRI).\n
LOCATION:Mill Lane Lecture Room 1
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