Morri, Giacomo; Palmieri, Federico; Sironi, Emiliano - In: Journal of Property Investment & Finance 39 (2020) 6, pp. 545-560
Purpose: The purpose of this study is to analyze the determinants that lead REITs to pay out more dividends than the required level to retain their tax-favored status. In particular, the focus is on the effect that information asymmetry has on REITs’ excess dividends distribution....