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Rushing to Overpay: Modeling and Measuring the REIT Premium
Akin, S.; Lambson, Val; McQueen, Grant; Platt, Brennan; … - In: The Journal of Real Estate Finance and Economics 47 (2013) 3, pp. 506-537
We explore the questions of why Real Estate Investment Trusts (REITs) pay more for real estate than non-REIT buyers and by how much. First, we develop a search model where REITs optimally pay more for property because (1) they are willing, due to cost of capital advantages and, (2) they are...
Persistent link: https://www.econbiz.de/10010866894
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On the Capital Structure of Real Estate Investment Trusts (REITs)
Feng, Zhilan; Ghosh, Chinmoy; Sirmans, C. - In: The Journal of Real Estate Finance and Economics 34 (2007) 1, pp. 81-105
Much of the literature on capital structure excludes Real Estate Investment Trusts (REITs) due mainly to the unique regulatory environment of these firms. As such, the issue of how REITs choose among different financing options when they raise external capital is largely unexplored. In this...
Persistent link: https://www.econbiz.de/10005716865
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Short Interests in Real Estate Investment Trusts
Li, Deqing Diane; Yung, Kenneth - In: International Real Estate Review 7 (2004) 1, pp. 56-70
We examine short interests in equity real estate investment trusts (REITs) between 1994 and 2001. Our results show that only high levels (the 90th percentile) of short interest are associated with significant negative REIT returns as the bearish content of short interest may have been mitigated...
Persistent link: https://www.econbiz.de/10005092482
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Tenant Management and Lease Valuation for Retail Properties: A Real Options Approach
Kariya, Takeaki; Kato, Yasuyuki; Uchiyama, Tomonori; … - In: International Real Estate Review 8 (2005) 1, pp. 44-82
In this paper, we formulate a tenant management problem for retail properties, such as shopping centers, provide an analytical framework for deriving the probability distribution of the sum of discounted future cash flows stochastically generated through tenant management, and find an optimal...
Persistent link: https://www.econbiz.de/10005092487
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The nature of listed real estate companies: property or equity market?
Morawski, Jaroslaw; Rehkugler, Heinz; Füss, Roland - In: Financial Markets and Portfolio Management 22 (2008) 2, pp. 101-126
Persistent link: https://www.econbiz.de/10005684852
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Rushing to Overpay: The REIT Premium Revisited
Akin, S. Nuray; Lambson, Val E.; McQueen, Grant R.; … - Department of Economics, School of Business - 2011
We explore the questions of whether and why Real Estate Investment Trusts (REITs) pay more for real estate than non-REIT buyers, consequently breaking the law of one price. We develop a model where REITs optimally pay more for property because (1) they are able, due to capital access advantages...
Persistent link: https://www.econbiz.de/10009003453
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The Pricing and Underwriting Costs of Japanese REIT IPOs
Kutsuna, Kenji; Dimovski, William; Brooks, Robert - Graduate School of Business Administration, Kobe University - 2007
This study investigates 40 Japanese REIT IPOs during 2001 to 2006 and finds evidence that higher final offer prices are reflected in higher underpricing levels by such IPOs. There is also some evidence that suggests the engagement of one of the big 3 Japanese underwriting firms suggests less...
Persistent link: https://www.econbiz.de/10011079861
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Privatizing Australian Airports: Ownership, Divestment and Financial Performance
Aulich, Chris; Hughes, Mark - In: Public Organization Review 13 (2013) 2, pp. 175-184
airports represent cases of divestment of government business enterprises into privately-owned businesses each with differing … purpose financial reports of the entities. There are significant implications for future divestment policies, including the … value of divestment as a policy response in uncompetitive environments, the use of particular infrastructure investment …
Persistent link: https://www.econbiz.de/10010987800
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Coping strategies with floods in Bangladesh: an empirical study
Sultana, Nayeem; Rayhan, Md. - In: Natural Hazards 64 (2012) 2, pp. 1209-1218
In the time of the flooding, rural people in Bangladesh suffer from the lingering effects of labor market disruption and income deficiency. This study shows a model based analysis on the research question, ‘what coping strategies are followed by the flooded households in Bangladesh and...
Persistent link: https://www.econbiz.de/10010846813
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Former foreign affiliates: Cast out and outperformed?
Javorcik, Beata; Poelhekke, Steven - de Nederlandsche Bank - 2014
Indonesian Census of Manufacturing covering the period 1990-2009. We consider 157 cases of divestment, where a large set of plant … plants exist. The results indicate that divestment is associated with a drop in total factor productivity accompanied by a …
Persistent link: https://www.econbiz.de/10010885309