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SUMMARY:Cross-Border Real Estate Investment - McKay Price\, Perella Depart
 ment of Finance at Lehigh University
DTSTART:20171101T160000Z
DTEND:20171101T170000Z
UID:TALK83661@talks.cam.ac.uk
CONTACT:Ingrid Cizaite
DESCRIPTION:The foreign direct investment (FDI) literature documents that 
 higher quality corporate governance\, at both the national level and the f
 irm level\, is associated with a greater likelihood to invest abroad and t
 o take larger stakes when investing abroad. We examine a unique set of int
 ernational real estate holdings and corporate governance data to evaluate 
 the comparability of real estate investment to FDI more broadly. Our resul
 ts at both the national and firm level indicate that real estate transacti
 ons differ fundamentally from other types of FDI. Specifically\, property 
 nation governance\, real estate firm headquarter nation governance\, and f
 irm level governance are negatively associated with the propensity to inve
 st across borders. Further\, firm level corporate governance is negatively
  related to the stake acquired in foreign property investment. The firm le
 vel results appear to be driven largely by non-U.S. firms. Overall\, these
  results are counter to the more general FDI literature.\n\nMcKay is an as
 sociate professor in the Perella Department of Finance at Lehigh Universit
 y and the Collins-Goodman Chair in Real Estate Finance. His formal trainin
 g includes advanced degrees in both Finance and Real Estate Development fr
 om Florida State University and MIT\, respectively\, with an undergraduate
  degree in Finance from the University of Utah. He also has six years of p
 rofessional experience which includes managing the commercial real estate 
 development process for Target Corporation in Boston\, New York\, Philadel
 phia and Washington DC\, and commercial real estate brokerage in Salt Lake
  City. McKay frequently publishes in top real estate journals in addition 
 to main stream finance outlets and serves on the editorial board of the Jo
 urnal of Real Estate Finance and Economics.  He was recently ranked the #1
 2 author in the world for research productivity in the top three real esta
 te journals during the 2012-2016 time period (Saginor\, 2016). Recent work
  has dealt with topics such as international real estate investment\, comm
 ercial brokerage\, and securitized real estate equity taxation modeling.
LOCATION:Mill Lane Lecture Room 1
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