Download or read book Three Essays in Real Estate Investment Trusts Corporate Finance written by Zhonghua Wu and published by . This book was released on 2006 with total page 159 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Three Essays in REIT Corporate Finance to 25 Pages 26 to 50 Pages 51 to 75 Pages 76 to 100 Pages 101 to 125 Pages 126 to 150 Pages 151 to 172 written by Zhonghua Wu and published by . This book was released on 2000 with total page 172 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Three Essays in REIT Corporate Finance written by Zhonghua Wu and published by . This book was released on 2006 with total page 184 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Three Essays in Corporate Finance and Institutional Investors written by Jiekun Huang and published by . This book was released on 2009 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Three essays on real estate finance written by Xiaolong Liu and published by Rozenberg Publishers. This book was released on 2010 with total page 132 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Three Essays on Corporate Governance written by Robert Scott Roark and published by . This book was released on 2011 with total page 344 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Three Essays on Real Estate Investment Trust Return and Risk written by Chiuling Lu and published by . This book was released on 1997 with total page 262 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Three Essays on Real Estate Finance written by Shuang Zhu and published by . This book was released on 2011 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Three Essays on Equity REITS Cost of Capital written by Iskandar Aditya Arifin and published by . This book was released on 2013 with total page 308 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Three Essays on Real Estate Investment Trusts written by Yan Lin and published by . This book was released on 2004 with total page 192 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Three Essays in Real Estate Finance and Economics written by Simon Stehle and published by . This book was released on 2021 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Essays on Corporate Finance written by David Alan Crane and published by . This book was released on 2010 with total page 316 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation addresses issues in corporate finance. Part I examines the litigation environment of a firm and its impact on financial policy. Chapter 1 discusses prior research, including theory and empirical results, related to firm performance, financial policy, and litigation. It provides the background to support the empirical analyses of Chapters 2 and 3. Chapter 2 examines the wealth effects of litigation events on the firms involved, as well as on their industry peers. I find that litigation events have a strong negative effect on both the firms sued, as well as their competitors. Chapter 3 examines whether managers use financial policy strategically when facing an increased risk of litigation claims. I find that greater litigation exposure leads firms to choose higher leverage. I show that this leverage increase is brought on by an active decision to repurchase shares. These repurchases appear to be financed with a combination of excess cash and short term debt as they coincide with a significant decrease in cash holdings and an increase in short term liabilities. These firms also increase their use of operating leases, which, due to their priority in bankruptcy, have similar characteristics as secured debt. Finally, the effects seem to be stronger for firms with a higher probability of bankruptcy. Part II asks whether there is a disposition effect in corporate investment decisions. Chapter 4 provides a summary of the existing literature related to the disposition effect and discusses both theoretical and empirical findings. In Chapter 5, I utilize the unique nature of Real Estate Investment Trusts (REITs) to test for the presence of the disposition effect in corporate investments. The results show strong statistical evidence that REIT managers tend to sell winners and hold losers, where winners and losers are defined using changes in properties' prices since they were acquired. In addition, I find evidence that this behavior is consistent with the disposition effect. REIT managers are significantly less likely to sell properties that have a loss relative to a reference point based on inflation or historical average returns, controlling for the properties' recent returns.

Download or read book Three Essays on Finance and Real Estate written by Jun Chen and published by . This book was released on 2010 with total page 144 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Three Essays on the Geography of Finance written by Chongyu Wang and published by . This book was released on 2017 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation consists of three essays on the geography of finance. In the first essay, we study the relation between geographic dispersion and firm value. In the context of asset-sells, information asymmetry hypothesis and managerial alignment hypothesis offer opposite predictions on the market reaction to asset-sell announcements. Real estate investment trusts (REIT) firms provide an ideal setting to investigate these two competing but not mutually exclusive effects. We construct a unique panel data of more than 800,000 property-year observations and apply a two-stage sequential decision-making method to mitigate selection bias at both firm level and property level. We find that REIT firms tend to dispose of distant properties and there is a negative relation between distance and cumulative abnormal returns (CARs, also known as cumulative prediction errors), consistent with managerial alignment hypothesis. Further, informational and social factors explain corporate decisions on asset sell-offs and the effect of social interactions only exists in less-populated areas. Together, these findings suggest a dominant role of managerial alignment effect. In the second essay, we analyze cross-state/MSA spillover effects of local capital scarcity. We propose a theoretical framework to capture the competition for scarce capital across state/MSA borders and calibrate its implications with spatial autoregressive (SAR) and spatial Durbin’s (SDM) models. Our application of spatial econometrics tools mitigates potential bias in estimation that arises due to the violation of Stable Unit Treatment Value Assumption (SUTVA), which leads to indirect treatment effect (competition effect) on geographic neighbors. Overall, our findings suggest that negative spatial spillovers may arise due to competition for scarce capital, and the competition effect is amplified during local and national economic downturns. In the third essay, we introduce geographic variables and implement a novel econometric method. We test the hypothesis that geographic (state-level) macroeconomic factors and funding liquidity affect market liquidity. We find cross-state spillover effects for market liquidity. These spatial spillover effects have two implications. First, higher REIT market liquidity in neighboring states leads to decreased REIT market liquidity in a particular state. Second, there is also a spatial multiplier effect (less than 1) that diminishes the magnitudes of the total effect of state macroeconomic effects on funding liquidity. These results indicate that neighboring states compete for scarce capital, leading to negative effects on the growth trajectories across state borders. Such negative effects are more extreme during market downturns.

Download or read book Real Estate Investment Trusts and Joint Ventures written by Julian Eibel and published by Springer Nature. This book was released on 2020-10-10 with total page 174 pages. Available in PDF, EPUB and Kindle. Book excerpt: Julian Eibel studies the contribution of joint venture (JV) use as means of financing flexibility against the background of diverse financial restrictions in the institutional and regulated environment of the REIT Act. After reviewing JV motives for classical corporations, the real estate and REIT industry as well as the financing and capital behavior of REITs, the author finds JVs to result from REIT managers’ need of financing flexibility to allow timely funding outside regulated markets. Thus, he argues JVs mitigate financing restrictions and stimulate capital markets to regain access to classical financing.

Download or read book Corporate Investment Behavior with Incomplete Information written by Martin Ruckes and published by . This book was released on 1998 with total page 124 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Corporate Governance of Real Estate Investment Trusts written by Nicolai C. Striewe and published by Springer. This book was released on 2015-11-10 with total page 141 pages. Available in PDF, EPUB and Kindle. Book excerpt: Nicolai C. Striewe analyzes potential opportunistic behavior of REIT managers and provides empirical evidence on the effectiveness of institutional monitoring as a corporate governance mechanism. The author also suggests ways to promote sustainable management by means of institutional participation. The results of his study provide valuable insights to enhance corporate governance, transparency and efficiency in the REIT market. They encourage (a) academics to include a behavioral component into studies of the REIT market, (b) REIT managers to incorporate effective monitoring and control mechanisms, (c) investors to become more aware of agency conflicts in REITs and (d) policy makers to facilitate a legal framework conducive to a sustainable REIT market.