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Explaining the Variation in REIT Capital Structure: The Role of Asset Liquidation Value

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Author Info
Erasmo Giambona
John P. Harding
C.F. Sirmans

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Abstract

We test the Shleifer-Vishny hypothesis that asset liquidation values influence both firm leverage and the choice of debt maturity. Using panel data on real estate investment trusts, we estimate a simultaneous equation model and find that firms specializing in the most (least) liquid assets use more (less) leverage and longer (shorter) maturities. The evidence also suggests that, for REITs, debt maturity and leverage are substitutes, consistent with the theory and predictions of Barclay, Marx and Smith. Copyright 2008 American Real Estate and Urban Economics Association

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File URL: http://www.blackwell-synergy.com/doi/abs/10.1111/j.1540-6229.2008.00209.x
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Publisher Info
Article provided by American Real Estate and Urban Economics Association in its journal Real Estate Economics.

Volume (Year): 36 (2008)
Issue (Month): 1 (03)
Pages: 111-137
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Handle: RePEc:bla:reesec:v:36:y:2008:i:1:p:111-137

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Web page: http://www.blackwellpublishing.com/journal.asp?ref=1080-8620

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  1. William Hardin & Michael Highfield & Matthew Hill & G. Kelly, 2009. "The Determinants of REIT Cash Holdings," The Journal of Real Estate Finance and Economics, Springer, vol. 39(1), pages 39-57, July. [Downloadable!] (restricted)
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This page was last updated on 2009-12-19.

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