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...

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...

This paper investigates the effects of the Italian REITs governance and intermediation structure on market prices discount over NAV figures. The hypothesis is that the mandatory provision of a shareholders' meeting in the article of association of newly established REITs offers potential...

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...

In contrast to the US experience, most international (European) real estate investments trusts (REITs) are subject to prudential regulation. This paper investigates the effects of prudential regulation on capital structures and consequently, the REIT share values of major legal and market...

REIT managers’ compensation structure typically provides a payment based alternatively on (i) “gross asset value� [GAV] or (ii) “net asset value� [NAV]. In addition, managers usually also gain a performance fee when REIT total return exceeds some minimum level.The...

The paper investigates how (public) REITs managersí compensation schemes influence capital structure and, consequently, REITsí share value. The analysis focuses on ígross asset valueî [GAV] versus ínet asset valueî[NAV]-based compensation of managers ñ typical of many European REIT...