Stephen M. Miller (University of Nevada, Las Vegas, and University of Connecticut) Terrence M. Clauretie (University of Nevada, Las Vegas) Thomas M. Springer (Clemson University)
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This paper extends the existing research on real estate investment trust (REIT) operating efficiencies. We estimate a stochastic-frontier panel-data model specifying a translog cost function, covering 1995 to 2003. The results disagree with previous research in that we find little evidence of scale economies and some evidence of scale diseconomies. Moreover, we also generally find smaller inefficiencies than those shown by other REIT studies. Contrary to previous research, the results also show that self-management of a REIT associates with more inefficiency when we measure output with assets. When we use revenue to measure output, selfmanagement associates with less inefficiency. Also contrary with previous research, higher leverage associates with more efficiency. The results further suggest that inefficiency increases over time in three of our four specifications.
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Paper provided by University of Connecticut, Department of Economics in its series Working papers with number
2005-21.
Length: 22 pages Date of creation: Jul 2005 Date of revision: Publication status: Published in The Manchester School, July 2006. Handle: RePEc:uct:uconnp:2005-21
Note: Presented at the Money Macro and Finance Research Group conference "Efficiency Analysis in Macroeconomics and Finance," 3 June 2005 at the University of Essex, United Kingdom. Contact details of provider: Postal: University of Connecticut 341 Mansfield Road, Unit 1063 Storrs, CT 06269-1063 Phone: (860) 486-4889 Fax: (860) 486-4463 Web page: http://www.econ.uconn.edu/ More information through EDIRC
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References listed on IDEAS 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.:
Brent W. Ambrose & Michael J. Highfield & Peter Linneman, .
"Economies Of Scale,"
Zell/Lurie Center Working Papers
358, Wharton School Samuel Zell and Robert Lurie Real Estate Center, University of Pennsylvania.
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Richmond, J, 1974.
"Estimating the Efficiency of Production,"
International Economic Review,
Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 15(2), pages 515-21, June.
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Afriat, Sidney N, 1972.
"Efficiency Estimation of Production Function,"
International Economic Review,
Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 13(3), pages 568-98, October.
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