REITs as Captive-Financing Affiliates: Impact on Financial Performance

Some real estate investment trusts are created as "captive-financing" affiliates by their sponsors. This creates conflicts of interest between the sponsor/manager and shareholders. Such conflicts could affect the financial performance of the firm. Using data on a sample of REITs, results show that captive-financing REITs' financial performance is on average inferior to that of non-captive REITs.

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Year of publication:	1991
Authors:	Hsieh, Cheng-Ho ; Sirmans, C.F.
Published in:	Journal of Real Estate Research. - American Real Estate Society. - Vol. 6.1991, 2, p. 179-190
Publisher:	American Real Estate Society

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Extent:	application/pdf
Type of publication:	Article
Notes:	Published
Classification:	L85 - Real Estate Services
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10005258641