The leverage and debt maturity choices of real estate companies are interdependent, and are not made separately as is often assumed in the literature. We use three-stage least squares (3SLS) regression analysis to explore this interdependence for a sample of listed U.S. real estate companies and...

This paper examines why overconfident CEOs issue more debt than equity within U.S. Real Estate Investment Trusts (REITs) and the value implications of this debt preference. Consistent with a demand-side story, I find that overconfident CEOs choose to issue more debt than equity than their...

We explore the interdependence of leverage and debt maturity choices in Real Estate Investment Trusts (REITs) and unregulated listed real estate investment companies in the U.S. for the period 1973-2011. We find that the leverage and maturity choices of all listed real estate firms are...