Chou, Wen-Hsiu; Hardin, William; Hill, Matthew; Kelly, G. - In: The Journal of Real Estate Finance and Economics 46 (2013) 1, pp. 91-114
This study examines the market value of REIT dividends conditional on transparency of operating structure and effectiveness of boards. Results suggest that total, mandatory and discretionary dividends are valued by the market. Consistent with agency cost theory, results provide some evidence...