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The Determinants of the Debt Maturity Decision for Real Estate Investment Trusts

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Author Info
Michael J. Highfield () (Mississippi State University Mississippi State, MS 39762-9580)
Kenneth D. Roskelley () (Louisiana Tech University Ruston, LA 71272-0046)
Fang Zhao (Siena College, Loudonville, NY 12211-1462)
Abstract

This research uses the maturity of incremental bond issues and the weighted-average maturity of all outstanding debt and tests various theories from the corporate debt maturity literature to discover if real estate investment trust (REIT) debt maturity is influenced by liquidity risk, asymmetric information, personal taxes, and agency problems. The findings reveal that there is little to no evidence for the liquidity and asymmetric information hypotheses; however, there is evidence that personal taxes influence the maturity of REIT incremental debt issues, and agency problems play a role in determining the incremental and average debt maturity of REITs

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File URL: http://aux.zicklin.baruch.cuny.edu/jrer/papers/pdf/past/vol29n02/04.173_200.pdf
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Publisher Info
Article provided by American Real Estate Society in its journal journal of Real Estate Research.

Volume (Year): 29 (2007)
Issue (Month): 2 ()
Pages: 173-200
Download reference. The following formats are available: HTML (with abstract), plain text (with abstract), BibTeX, RIS (EndNote, RefMan, ProCite), ReDIF
Handle: RePEc:jre:issued:v:29:n:2:2007:p:173-200

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Postal: American Real Estate Society Clemson University School of Business & Behavioral Science Department of Finance 401 Sirrine Hall Clemson, SC 29634-1323
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Web page: http://www.aresnet.org/

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Postal: Diane Quarles American Real Estate Society Manager of Member Services Clemson University Box 341323 Clemson, SC 29634-1323
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Web: http://aux.zicklin.baruch.cuny.edu/jrer/about/get.htm

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L85 - Industrial Organization - - Industry Studies: Services - - - Real Estate Services

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  2. Stohs, Mark Hoven & Mauer, David C, 1996. "The Determinants of Corporate Debt Maturity Structure," Journal of Business, University of Chicago Press, vol. 69(3), pages 279-312, July. [Downloadable!] (restricted)
  3. Brent W. Ambrose & Michael J. Highfield & Peter D. Linneman, 2005. "Real Estate and Economies of Scale: The Case of REITs," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 33(2), pages 323-350, 06. [Downloadable!] (restricted)
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  7. Howe, John S & Shilling, James D, 1988. " Capital Structure Theory and REIT Security Offerings," Journal of Finance, American Finance Association, vol. 43(4), pages 983-93, September. [Downloadable!] (restricted)
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  12. Barclay, Michael J & Smith, Clifford W, Jr, 1995. " The Maturity Structure of Corporate Debt," Journal of Finance, American Finance Association, vol. 50(2), pages 609-31, June. [Downloadable!] (restricted)
  13. Brick, Ivan E & Ravid, S Abraham, 1985. " On the Relevance of Debt Maturity Structure," Journal of Finance, American Finance Association, vol. 40(5), pages 1423-37, December. [Downloadable!] (restricted)
  14. Stiglitz, Joseph E, 1974. "On the Irrelevance of Corporate Financial Policy," American Economic Review, American Economic Association, vol. 64(6), pages 851-66, December. [Downloadable!] (restricted)
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  15. David T. Brown & Timothy J. Riddiough, 2003. "Financing Choice and Liability Structure of Real Estate Investment Trusts," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 31(3), pages 313-346, 09. [Downloadable!] (restricted)
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