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This paper studies how the presence of sponsor and external management affect leverage and debt maturity decisions in three major Asian-Pacific REIT markets: Australia, Japan and Singapore. Our empirical results indicate that sponsored REITs opt for higher levels of leverage and loans with...
Persistent link: https://www.econbiz.de/10011122250
This paper studies how the presence of sponsor and external management affect leverage and debt maturity decisions in three major Asian-Pacific REIT markets: Australia, Japan and Singapore. Our empirical results indicate that sponsored REITs opt for higher levels of leverage and loans with...
Persistent link: https://www.econbiz.de/10011111075
The empirical corporate finance literature claims that better corporate governance constrains earnings management, while others argue that the unique legal and reporting structure of REITs may reduce the need for such internal corporate governance. Using a sample of publicly traded REITs for the...
Persistent link: https://www.econbiz.de/10010866932
Recent research suggests that the unique legal and organizational structure of REITs, relative to other types of corporations, may vitiate the need for and the effectiveness of internal corporate governance. Our results indicate that information asymmetry, as measured by the percentage bid-ask...
Persistent link: https://www.econbiz.de/10008876786
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Persistent link: https://www.econbiz.de/10010866896
A special feature of China’s housing market is land use rights in the form of land leasehold contracts granted by the government. We consider an equilibrium model in which a representative developer may choose to redevelop existing centrally located housing or to develop new housing at the...
Persistent link: https://www.econbiz.de/10011056719
Collectively, institutional investors hold large ownership stakes in REITs. The traditional view is that institutions are both long-term and passive investors. The financial crisis beginning in 2007 provides an opportunity to analyze the investment choices of institutional investors before,...
Persistent link: https://www.econbiz.de/10010989337
Have globalization and increasing economic and financial integration affected the rates of return of publicly traded real estate companies around the world? Using a set of multifactor models for annual data for 946 firms from 16 countries over the sample period, 1995-2002, we estimate the impact...
Persistent link: https://www.econbiz.de/10005309982
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