This study provides new insights on the relationship between corporate debt maturity and agency costs by investigating empirically the impact of managerial ownership and the divergence between control and cash-flow rights on debt maturity. A significant negative effect of managerial ownership on...

A central issue in asset pricing is whether asset prices move too much in relation to cash flows. We take advantage of the existence of two parallel markets for a set of cash flows to show that better measurement of cash flows can dramatically improve the performance of a dynamic dividend...

A strong argument can be made that we have just witnessed perhaps the greatest test the REIT industry will ever face in terms of survival. REITs were mired in debt and troubles in late 2008 and early 2009. However, in 2009 the industry as a whole was able to raise over $30 billion in secondary...

In response to the recent financial crisis, the U.S. Government introduced new rules which allow REITs to issue elective stock dividends (ESD) to satisfy their distribution requirements. The goal of these rules was to provide temporary relief to REITs facing cash flow problems. We investigate...

This paper examines the effects of a drastic change in dividend payout policy on both the return and risk of firms stock. We focus on the listed real estate markets of Japan, U.K and U.S. where the adoption of a Real Estate Investment Trust (REIT) standard has imposed a payout policy of 90...