This paper investigates the effects of the Italian real estate funds governance and intermediation structure on market prices discount over Nav figures.The hypothesis is that the mandatory provision of a shareholders' meeting of newly established Reits offers potential protection to investors...

In contrast to the US experience, most international (European) REITs are subject to prudential regulation. This paper investigates the effects on capital structure and, consequently, on REITs' share value of the major legal and market constraints (i.e. leverage limitations, market discount on...

There is a large amount of evidence that stock prices are predictable, some research shows that stock prices appear to drift after important corporate events for up to several months (Fama (1998)). Indeed, stock prices rather than adjusting immediately to news information often tend to drift...

This paper investigates the effects of the Italian real estate funds governance and intermediation structure on market prices discount over Nav figures.The hypothesis is that the mandatory provision of a shareholders’ meeting of newly established Reits offers potential protection to investors...

Italian Real Estate Investment Trusts (REITs) are closed-end legal entities structured in the form of investment funds with finite life, externally managed by a management company. Retail REITs are subject to prudential and tax regulation aimed, respectively, to protect and favour retail...

Purpose – The purpose of this paper is to investigate the influence of the Italian real estate investment trusts (REITs)' governance and regulatory structure on the market prices discount to net asset values (NAV). Design/methodology/approach – The hypothesis is that the overall regulatory...