Building on past research in the economies-of-scale debate, we test for scale economies in Real Estate Investment Trusts (REITs) by examining growth prospects, revenue and expense measures, profitability ratios, systematic risk and capital costs. Overall, we find that large REITs are increasing...

Using the maturity of incremental bond issues and the weighted-average maturity of all outstanding debt, we test various theories from the corporate debt maturity literature to discover if REIT debt maturity is influenced by liquidity risk, asymmetric information, personal taxes, and agency...

Building on past research regarding the operating efficiency of Real Estate Investment Trusts (REITs) and recognizing the substantial changes in this industry since the turn of the millennium, we examine REIT efficiency over the period 2001–2015. Using both time-varying stochastic frontier and...