Paul D. Childs

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We examine interactions between financing and investment decisions in a setting where equityholders make self-interested investment decisions. The firm has the flexibility to exercise and reverse the exercise of a growth option whose underlying asset may be correlated with assets-in-place. The firm's menu of financing decisions includes the choice of debt(More)
and the anonymous reviewers for their helpful comments and suggestions. ABSTRACT Significant controversy exists surrounding the hypothesis of consolidation in the real estate industry. Central to the debate is whether REITs can generate economies of scale through asset growth. To date, empirical evidence is limited. For example, Ambrose, Ehrlich, Hughes,(More)
Paul Childs and Steven Ott gratefully acknowledge the funding received for this project from the TIAA-CREF Institute. Abstract When choosing among employment options, employees must consider the impact of their choice on total compensation: current and future salary earnings and retirement plan benefits. Employers offering retirement plans must decide(More)
This paper explores the implications of noise in real estate markets by examining two applications that focus on real option valuation and optimal exercise policy. The first application examines an imperfectly competitive market for real estate development in which agents compete over the timing of lead investment. Information spillover and free-rider(More)
We measured the hydrostatic pressure dependence of the birefringence and birefringent dispersion of a Sagnac interferometric sensor incorporating a length of highly birefringent photonic crystal fiber using Fourier analysis. Sensitivity of both the phase and chirp spectra to hydrostatic pressure is demonstrated. Using this analysis, phase-based measurements(More)
Type I thyroplasty for unilateral vocal fold paralysis restores voice. The purpose of this study was to evaluate measures of voice before thyroplasty, and at 3 months and 1 year after surgery. Of interest was whether vocal improvement in the first weeks after surgery was maintained or even enhanced over time. A total of 40 patients with unilateral paralysis(More)
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