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Market Value of REIT Liquidity

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  • Matthew Hill
  • G. Kelly
  • William Hardin

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  • Matthew Hill & G. Kelly & William Hardin, 2012. "Market Value of REIT Liquidity," The Journal of Real Estate Finance and Economics, Springer, vol. 45(2), pages 383-401, August.
    • Handle: RePEc:kap:jrefec:v:45:y:2012:i:2:p:383-401
    DOI: 10.1007/s11146-010-9280-1
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    8. Timothy J. Riddiough & Zhonghua Wu, 2009. "Financial Constraints, Liquidity Management and Investment," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 37(3), pages 447-481, September.
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    11. 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.
    12. Opler, Tim & Pinkowitz, Lee & Stulz, Rene & Williamson, Rohan, 1999. "The determinants and implications of corporate cash holdings," Journal of Financial Economics, Elsevier, vol. 52(1), pages 3-46, April.
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    21. Lee Pinkowitz & René Stulz & Rohan Williamson, 2006. "Does the Contribution of Corporate Cash Holdings and Dividends to Firm Value Depend on Governance? A Cross‐country Analysis," Journal of Finance, American Finance Association, vol. 61(6), pages 2725-2751, December.
    22. 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.
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    24. 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.
    25. Douglas W. Diamond, 1991. "Debt Maturity Structure and Liquidity Risk," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 106(3), pages 709-737.
    26. Michael Faulkender & Rong Wang, 2006. "Corporate Financial Policy and the Value of Cash," Journal of Finance, American Finance Association, vol. 61(4), pages 1957-1990, August.
    27. Ko Wang & John Erickson & George W. Gau, 1993. "Dividend Policies and Dividend Announcement Effects for Real Estate Investment Trusts," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 21(2), pages 185-201, June.
    28. Frésard, Laurent & Salva, Carolina, 2010. "The value of excess cash and corporate governance: Evidence from US cross-listings," Journal of Financial Economics, Elsevier, vol. 98(2), pages 359-384, November.
    29. 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.
    30. William Hardin & Zhonghua Wu, 2009. "Bank Mergers, REIT Loan Pricing and Takeover Likelihood," The Journal of Real Estate Finance and Economics, Springer, vol. 38(3), pages 275-301, April.
    31. Easterbrook, Frank H, 1984. "Two Agency-Cost Explanations of Dividends," American Economic Review, American Economic Association, vol. 74(4), pages 650-659, September.
    32. Steven H. Ott & Timothy J. Riddiough & Ha-Chin Yi, 2005. "Finance, Investment and Investment Performance: Evidence from the REIT Sector," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 33(1), pages 203-235, March.
    33. Eugene F. Fama & Kenneth R. French, 1998. "Taxes, Financing Decisions, and Firm Value," Journal of Finance, American Finance Association, vol. 53(3), pages 819-843, June.
    34. 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, September.
    35. Sudipto Bhattacharya, 1979. "Imperfect Information, Dividend Policy, and "The Bird in the Hand" Fallacy," Bell Journal of Economics, The RAND Corporation, vol. 10(1), pages 259-270, Spring.
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    Cited by:

    1. David C. Ling & Chongyu Wang & Tingyu Zhou, 2021. "Institutional common ownership and firm value: Evidence from real estate investment trusts," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 49(1), pages 187-223, March.
    2. Masaki Mori & Joseph Ooi & Woei Wong, 2014. "Do Investor Demand and Market Timing Affect Convertible Debt Issuance Decisions by REITs?," The Journal of Real Estate Finance and Economics, Springer, vol. 49(4), pages 524-550, November.
    3. Ran Lu-Andrews, 2017. "Tenant Quality and REIT Liquidity Management," The Journal of Real Estate Finance and Economics, Springer, vol. 54(3), pages 272-296, April.
    4. Gianluca Marcato, 2018. "Liquidity Pricing of Illiquid Assets," ERES eres2018_215, European Real Estate Society (ERES).
    5. Zalina Zainudin & Mazhar Hallak Kantakji & Omer Bin Thabet & Nur Syairah Ani & Nursyuhadah Abdul Rahman, 2019. "An Investigation of the Moderating Effect of Liquidity on the Relationship between Debt and Financial Performance of REITs in Malaysia: An Optimal Liquidity Estimation," Contemporary Economics, University of Economics and Human Sciences in Warsaw., vol. 13(3), September.
    6. David H. Downs & Bing Zhu, 2022. "Property market liquidity and REIT liquidity," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 50(6), pages 1462-1491, November.
    7. Jamie Alcock & Petra Andrlikova, 2018. "Asymmetric Dependence in Real Estate Investment Trusts: An Asset-Pricing Analysis," The Journal of Real Estate Finance and Economics, Springer, vol. 56(2), pages 183-216, February.
    8. Woei-Chyuan Wong & Sharmilawati Sabki & Angappan Regupathi & Syed Mohd. Na’im Syed Salim, 2019. "Malaysian SMEs’ Liability Structure and Its Impact on Profitability and Growth," Asian Academy of Management Journal of Accounting and Finance (AAMJAF), Penerbit Universiti Sains Malaysia, vol. 15(2), pages 77-94.
    9. Pawan Jain & Mark Sunderman & K. Janean Westby-Gibson, 2017. "REITs and Market Microstructure: A Comprehensive Analysis of Market Quality," Journal of Real Estate Research, American Real Estate Society, vol. 39(1), pages 65-98.

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