Abstracts for Vol.
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In this study, we assess the balance sheet exposure of commercial banks to the real estate market, and develop a hypothesis on the potential systematic effects of real estate conditions across banks. We find a positive relationship between monthly bank returns and the real estate index, even after accounting for general market and interest-rate movements. The sensitivity of bank values to the real estate market has increased over time, and the bank-specific sensitivity coefficient is positively related to the bank's balance sheet exposure to real estate. The purpose of this study is to examine the relationships between financial performance, firm size, and executive compensation among firms in the real estate industry. Previous analyses of compensation have not been industry specific.