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Economic Fundamentals, Capital Expenditures and Asset Dispositions

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Abstract

Research on the disposition effect in real assets to date ignores the active management component of these investments. Active management notably includes decisions about follow-up investment in the form of capital expenditures, as well as dispositions. Using a real option framework, we develop testable hypotheses and provide empirical evidence for the relationships between economic fundamentals, capital expenditures, property values, and the subsequent likelihood of sale. Our results shed new light on the evidence for the disposition effect.

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2017-09-20

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asset management; economic fundamentals; capital expenditures; property values

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Final version published as: Ambrose, B. W., & Steiner, E. (2019). Economic fundamentals, capital expenditures and asset dispositions. Journal of Real Estate Finance and Economics. doi: 10.1007/s11146-019-09698-9.
An later version of this article is also available in eCommons.

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https://hdl.handle.net/1813/72449

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Government Document

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Required Publisher Statement: © Springer. Reprinted with permission. All rights reserved.

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preprint

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