Examples of Real Estate Assets in a sentence
Firm tangibility, as measured by Real Estate Assets is negatively associated with CEO pay, suggesting that firms with greater exposure to real estate markets pay their CEOs less.Column 3 shows the pay for luck IV estimation found in Equation 3.
In the first stage, the dependent variable is accounting performance (ROA), and the exogenous regressors are laggedHPI, ℎ𝑝𝑖𝑚𝑡−1, and the interaction of lagged HPI with Real Estate Assets, ℎ𝑝𝑖𝑚𝑡−1 ∗ 𝑟𝑒𝑖𝑡−1.
As discussed in the previous section, we use MSA-level real estate prices and their interaction with a measure of a firm’s real estate holdings (Real Estate Assets) as exogenous regressors for performance (measured by log(MVE)).
To accountfor this possibility, we use the lagged value of ℎ𝑝𝑖𝑚𝑡 predicted by land supply elasticity (Saiz,2010) of the MSA m interacted with the national Case-Shiller House Price Index at time t; and the lag of predicted ℎ𝑝𝑖𝑚𝑡 interacted with firm specific Real Estate Assets to estimate Log(MVE), ROA and Log(Debt).
A firm is defined to have high (low) real estate exposure if Real Estate Assets is above (below) the yearly median Real Estate Assets.