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Property Segment and REIT Capital Structure

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  • Mine Ertugrul

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  • Erasmo Giambona

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Abstract

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Suggested Citation

  • Mine Ertugrul & Erasmo Giambona, 2011. "Property Segment and REIT Capital Structure," The Journal of Real Estate Finance and Economics, Springer, vol. 43(4), pages 505-526, November.
  • Handle: RePEc:kap:jrefec:v:43:y:2011:i:4:p:505-526
    DOI: 10.1007/s11146-009-9229-4
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    References listed on IDEAS

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    1. Michel Poitevin, 1989. "Financial Signalling and the "Deep-Pocket" Argument," RAND Journal of Economics, The RAND Corporation, vol. 20(1), pages 26-40, Spring.
    2. Vojislav Maksimovic & Gordon Phillips, 2008. "The Industry Life Cycle, Acquisitions and Investment: Does Firm Organization Matter?," Journal of Finance, American Finance Association, vol. 63(2), pages 673-708, April.
    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, June.
    4. Brander, James A. & Lewis, Tracy R., 1986. "Oligopoly and Financial Structure: The Limited Liability Effect," American Economic Review, American Economic Association, vol. 76(5), pages 956-970, December.
    5. Michael Faulkender & Mitchell A. Petersen, 2006. "Does the Source of Capital Affect Capital Structure?," Review of Financial Studies, Society for Financial Studies, vol. 19(1), pages 45-79.
    6. Richard J. Buttimer & David C. Hyland & Anthony B. Sanders, 2005. "REITs, IPO Waves and Long-Run Performance," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 33(1), pages 51-87, March.
    7. Martina Bers & Thomas M. Springer, 1997. "Economies of Scale for Real Estate Investment Trusts," Journal of Real Estate Research, American Real Estate Society, vol. 14(3), pages 275-290.
    8. Kewei Hou & David T. Robinson, 2006. "Industry Concentration and Average Stock Returns," Journal of Finance, American Finance Association, vol. 61(4), pages 1927-1956, August.
    9. Graham, John R. & Harvey, Campbell R., 2001. "The theory and practice of corporate finance: evidence from the field," Journal of Financial Economics, Elsevier, vol. 60(2-3), pages 187-243, May.
    10. Michael J. Barclay & Erwan Morellec, 2006. "On the Debt Capacity of Growth Options," The Journal of Business, University of Chicago Press, vol. 79(1), pages 37-60, January.
    11. James A. Brander & Tracy R. Lewis, 1988. "Bankruptcy Costs and the Theory of Oligopoly," Canadian Journal of Economics, Canadian Economics Association, vol. 21(2), pages 221-243, May.
    12. Ghosh, Chinmoy & Nag, Raja & Sirmans, C F, 1999. "An Analysis of Seasoned Equity Offerings by Equity REITs, 1991 to 1995," The Journal of Real Estate Finance and Economics, Springer, vol. 19(3), pages 175-192, November.
    13. Brent W. Ambrose & Peter Linneman, 2001. "Reit Organizational Structure and Operating Characteristics," Journal of Real Estate Research, American Real Estate Society, vol. 21(3), pages 141-162.
    14. Ivo Welch, 2004. "Capital Structure and Stock Returns," Journal of Political Economy, University of Chicago Press, vol. 112(1), pages 106-131, February.
    15. Shane A. Johnson, 2003. "Debt Maturity and the Effects of Growth Opportunities and Liquidity Risk on Leverage," Review of Financial Studies, Society for Financial Studies, vol. 16(1), pages 209-236.
    16. Howe, John S & Shilling, James D, 1988. " Capital Structure Theory and REIT Security Offerings," Journal of Finance, American Finance Association, vol. 43(4), pages 983-993, September.
    17. Wald, John K. & Long, Michael S., 2007. "The effect of state laws on capital structure," Journal of Financial Economics, Elsevier, vol. 83(2), pages 297-319, February.
    18. Maksimovic, Vojislav & Zechner, Josef, 1991. " Debt, Agency Costs, and Industry Equilibrium," Journal of Finance, American Finance Association, vol. 46(5), pages 1619-1643, December.
    19. Erasmo Giambona & John P. Harding & C.F. Sirmans, 2008. "Explaining the Variation in REIT Capital Structure: The Role of Asset Liquidation Value," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 36(1), pages 111-137, March.
    20. Dennis R. Capozza & Paul J. Seguin, 1998. "Managerial Style and Firm Value," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 26(1), pages 131-150.
    21. Kayhan, Ayla & Titman, Sheridan, 2007. "Firms' histories and their capital structures," Journal of Financial Economics, Elsevier, vol. 83(1), pages 1-32, January.
    22. Andres Almazan & Carlos A. Molina, 2005. "Intra-Industry Capital Structure Dispersion," Journal of Economics & Management Strategy, Wiley Blackwell, vol. 14(2), pages 263-297, June.
    23. Williams, Joseph T, 1995. "Financial and Industrial Structure with Agency," Review of Financial Studies, Society for Financial Studies, vol. 8(2), pages 431-474.
    24. Fries, Steven & Miller, Marcus & Perraudin, William, 1997. "Debt in Industry Equilibrium," Review of Financial Studies, Society for Financial Studies, vol. 10(1), pages 39-67.
    25. Peter MacKay & Gordon M. Phillips, 2005. "How Does Industry Affect Firm Financial Structure?," Review of Financial Studies, Society for Financial Studies, vol. 18(4), pages 1433-1466.
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    Cited by:

    1. repec:kap:jrefec:v:55:y:2017:i:2:d:10.1007_s11146-016-9559-y is not listed on IDEAS
    2. Hohenstatt, Ralf & Steininger, Bertram, 2011. "The rat race of capital structure research for REITs and REOCs: Two spotlights on leverage," ZEW Discussion Papers 11-077, ZEW - Zentrum für Europäische Wirtschaftsforschung / Center for European Economic Research.
    3. Libo Sun & Sheridan D. Titman & Garry J. Twite, 2015. "REIT and Commercial Real Estate Returns: A Postmortem of the Financial Crisis," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 43(1), pages 8-36, March.
    4. repec:eee:quaeco:v:66:y:2017:i:c:p:57-69 is not listed on IDEAS

    More about this item

    Keywords

    Property segment; REIT competition; Capital structure; G32;

    JEL classification:

    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill

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