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Institutional Monitoring and REIT CEO Compensation

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  • Zhilan Feng

    ()

  • Chinmoy Ghosh

    ()

  • Fan He
  • C. Sirmans

    ()

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    Abstract

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    File URL: http://hdl.handle.net/10.1007/s11146-009-9216-9
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    Bibliographic Info

    Article provided by Springer in its journal The Journal of Real Estate Finance and Economics.

    Volume (Year): 40 (2010)
    Issue (Month): 4 (May)
    Pages: 446-479

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    Handle: RePEc:kap:jrefec:v:40:y:2010:i:4:p:446-479

    Contact details of provider:
    Web page: http://www.springerlink.com/link.asp?id=102945

    Related research

    Keywords: Institional ownership; CEO compensation; REIT; Mornitoring;

    References

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    Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
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    1. Robert D. Campbell & Chinmoy Ghosh & C. F. Sirmans, 2001. "The Information Content of Method of Payment in Mergers: Evidence from Real Estate Investment Trusts (REITs)," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 29(3), pages 361-387.
    2. Su Han Chan & Wai Kin Leung & Ko Wang, 1998. "Institutional Investment in REITs: Evidence and Implications," Journal of Real Estate Research, American Real Estate Society, vol. 16(3), pages 357-374.
    3. Benjamin E. Hermalin & Michael S. Weisbach, 1996. "Endogenously Chosen Boards of Directors and Their Monitoring of the CEO," Working Papers _004, University of California at Berkeley, Haas School of Business.
    4. Ghosh, Chinmoy & Sirmans, C F, 2003. "Board Independence, Ownership Structure and Performance: Evidence from Real Estate Investment Trusts," The Journal of Real Estate Finance and Economics, Springer, vol. 26(2-3), pages 287-318, March-May.
    5. Anita K. Pennathur & Otis W. Gilley & Roger M. Shelor, 2005. "An Analysis of REIT CEO Stock-Based Compensation," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 33(1), pages 189-202, 03.
    6. Glascock, John L & Hughes, William T, Jr & Varshney, Sanjay B, 1998. "Analysis of REIT IPOs Using a Market Microstructure Approach: Anomalous Behavior or Asset Structure," The Journal of Real Estate Finance and Economics, Springer, vol. 16(3), pages 243-56, May.
    7. Below, Scott D & Stansell, Stanley R & Coffin, Mark, 2000. "The Determinants of REIT Institutional Ownership: Tests of the CAPM," The Journal of Real Estate Finance and Economics, Springer, vol. 21(3), pages 263-78, November.
    8. Bebchuk, Lucian A. & Fried, Jesse M., 2003. "Executive Compensation as an Agency Problem," Berkeley Olin Program in Law & Economics, Working Paper Series qt81q3136r, Berkeley Olin Program in Law & Economics.
    9. Downs, David H & Guner, Z Nuray & Patterson, Gary A, 2000. "Capital Distribution Policy and Information Asymmetry: A Real Estate Market Perspective," The Journal of Real Estate Finance and Economics, Springer, vol. 21(3), pages 235-50, November.
    10. Zhilan Feng & Chinmoy Ghosh & C. Sirmans, 2007. "Director Compensation and CEO Bargaining Power in REITs," The Journal of Real Estate Finance and Economics, Springer, vol. 35(3), pages 225-251, October.
    11. Burkart, Mike & Gromb, Denis & Panunzi, Fausto, 1997. "Large Shareholders, Monitoring, and the Value of the Firm," The Quarterly Journal of Economics, MIT Press, vol. 112(3), pages 693-728, August.
    12. William M. Getry & Deen Kemsley & Christopher J. Mayer, 2003. "Dividend Taxes and Share Prices: Evidence from Real Estate Investment Trusts," Journal of Finance, American Finance Association, vol. 58(1), pages 261-282, 02.
    13. Jay C. Hartzell & Jarl G. Kallberg & Crocker H. Liu, 2008. "The Role of Corporate Governance in Initial Public Offerings: Evidence from Real Estate Investment Trusts," Journal of Law and Economics, University of Chicago Press, vol. 51(3), pages 539-562, 08.
    14. Brickley, James A. & Lease, Ronald C. & Smith, Clifford Jr., 1988. "Ownership structure and voting on antitakeover amendments," Journal of Financial Economics, Elsevier, vol. 20(1-2), pages 267-291, January.
    15. Jay C. Hartzell & Jarl G. Kallberg & Crocker H. Liu, 2005. "The Role of the Underlying Real Asset Market in REIT IPOs," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 33(1), pages 27-50, 03.
    16. Khan, Raihan & Dharwadkar, Ravi & Brandes, Pamela, 2005. "Institutional ownership and CEO compensation: a longitudinal examination," Journal of Business Research, Elsevier, vol. 58(8), pages 1078-1088, August.
    17. Mason Gerety & Chun-Keung Hoi & Ashok Robin, 2001. "Do Shareholders Benefit from the Adoption of Incentive Pay for Directors?," Financial Management, Financial Management Association, vol. 30(4), Winter.
    18. Ortiz-Molina, Hernan, 2007. "Executive compensation and capital structure: The effects of convertible debt and straight debt on CEO pay," Journal of Accounting and Economics, Elsevier, vol. 43(1), pages 69-93, March.
    19. Boone, Audra L. & Casares Field, Laura & Karpoff, Jonathan M. & Raheja, Charu G., 2007. "The determinants of corporate board size and composition: An empirical analysis," Journal of Financial Economics, Elsevier, vol. 85(1), pages 66-101, July.
    20. Jay C. Hartzell & Laura T. Starks, 2003. "Institutional Investors and Executive Compensation," Journal of Finance, American Finance Association, vol. 58(6), pages 2351-2374, December.
    21. Yermack, David, 1995. "Do corporations award CEO stock options effectively?," Journal of Financial Economics, Elsevier, vol. 39(2-3), pages 237-269.
    22. Smith, Gavin S. & Swan, Peter L., 2014. "Do Concentrated Institutional Investors Really Reduce Executive Compensation Whilst Raising Incentives?," Critical Finance Review, now publishers, vol. 3(1), pages 49-83, January.
    23. McDonald, Cynthia G & Nixon, Terry D & Slawson, V Carlos, Jr, 2000. "The Changing Asymmetric Information Component of REIT Spreads: A Study of Anticipated Announcements," The Journal of Real Estate Finance and Economics, Springer, vol. 20(2), pages 195-210, March.
    24. Bing Han, 2006. "Insider Ownership and Firm Value: Evidence from Real Estate Investment Trusts," The Journal of Real Estate Finance and Economics, Springer, vol. 32(4), pages 471-493, June.
    25. Zhilan Feng & Chinmoy Ghosh & C. Sirmans, 2007. "CEO Involvement in Director Selection: Implications for REIT Dividend Policy," The Journal of Real Estate Finance and Economics, Springer, vol. 35(4), pages 385-410, November.
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    Cited by:
    1. Chinmoy Ghosh & Le Sun, 2014. "Agency Cost, Dividend Policy and Growth: The Special Case of REITs," The Journal of Real Estate Finance and Economics, Springer, vol. 48(4), pages 660-708, May.
    2. Erik Devos & Seow-Eng Ong & Andrew Spieler & Desmond Tsang, 2013. "REIT Institutional Ownership Dynamics and the Financial Crisis," The Journal of Real Estate Finance and Economics, Springer, vol. 47(2), pages 266-288, August.

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