Three Essays On Real Estate Investment Trusts And Financial Markets PDF Download
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Author | : David W. Durr |
Publisher | : |
Total Pages | : 157 |
Release | : 1998 |
Genre | : Real estate investment trusts |
ISBN | : |
Download Three Essays on Real Estate Investment Trusts and Financial Markets Book in PDF, ePub and Kindle
Author | : Yan Lin |
Publisher | : |
Total Pages | : 192 |
Release | : 2004 |
Genre | : Real estate investment trusts |
ISBN | : |
Download Three Essays on Real Estate Investment Trusts Book in PDF, ePub and Kindle
Author | : Sandra F. Holsonback |
Publisher | : |
Total Pages | : 262 |
Release | : 2003 |
Genre | : Going public (Securities) |
ISBN | : |
Download Initial Public Offerings and Real Estate Investment Trusts Book in PDF, ePub and Kindle
Initial Public Offerings (IPOs) are financial vehicles whereby firms can raise capital through public markets. These vehicles increased in importance in the 1990's when financial institutions were reluctant to lend money, especially to young or unestablished firms. Private real estate companies, hampered by these tight credit markets, formed Real Estate Investment Trusts (REITs), a public entity. REIT IPOs trade on the same markets and are subject to the same SEC regulations as equity stocks, but the lack luster behavior of their initial stock offerings is opposite to large initial day returns exhibited by equity stocks. In proposing that underpricing is a strategy utilized by the firm and the underwriter, this study, comparing IPOs of four industries: retail, manufacturer of communication equipment, software development, and REITs, validates the theory of asymmetric information, whereby investors are compensated for risk through underpricing.
Author | : Xiaolong Liu |
Publisher | : Rozenberg Publishers |
Total Pages | : 132 |
Release | : 2010 |
Genre | : |
ISBN | : 9036101999 |
Download Three essays on real estate finance Book in PDF, ePub and Kindle
Author | : Bing Han |
Publisher | : |
Total Pages | : 444 |
Release | : 2002 |
Genre | : Bond market |
ISBN | : |
Download Towards a Better Understanding of Stocks, Interest Rate Derivatives and Real Estate Investment Trusts Book in PDF, ePub and Kindle
Author | : |
Publisher | : |
Total Pages | : 0 |
Release | : 2013 |
Genre | : |
ISBN | : |
Download Three Essays in Real Estate Finance Book in PDF, ePub and Kindle
This thesis is a continuation to a large research agenda investigating how market frictions affect residential and commercial real estate markets and offers a more comprehensive study on two recent observations in U.S.: the foreclosure spillover effect in residential housing market and the increased Real Estate Investment Trusts (REITs) return volatility in commercial real estate market. Central to the concerns about the tremendous foreclosure wave since 2006 is that such incidents may impose negative externalities on neighborhood properties, and on the wider community. A large literature has documented that a foreclosed home depresses neighboring property prices. However, few studies attempt to explain why such a contagion effect exists. Utilizing a novel capital expenditure dataset and an improved test design, I demonstrate that foreclosures spread over through the following channels: (1) individual homeowners cut capital expenditures when home prices fall and the likelihood of foreclosure increases, which results in a lower neighborhood amenity; (2) the reduction in capital expenditure generates a negative externality by providing other homeowners a disincentive to spend money on home improvement; (3) under-investment deteriorates home quality and brings down home prices; and (4) the decline in property prices further worsens the under-investment problem and completes a feedback loop. To understand the exacerbated REITs return volatility, I use the following two new approaches. The first approach investigates the impact of asymmetric transaction costs on return dynamics in public and private real estate markets and validates model propositions with simulation and empirical tests. It proposes that trading volume moving from private market to listed market and more volatile underlying asset value at down time contribute to high volatility. The second approach studies the impact of firm level economic activities, financial leverage and market risk on REITs volatility, using U.S equity REITs data from 1995 to 2009. The findings uncover the following channels for recent increase in REIT return volatility: (1) REITs firms become more leveraged over time; (2) REITs' beta values and market return volatility increase in the crisis; (3) Economic activities, such as cash flow news and discount rate news, positively affect REIT return volatility. Among these factors, increasing beta is the most influential contributor.
Author | : Chiuling Lu |
Publisher | : |
Total Pages | : 262 |
Release | : 1997 |
Genre | : |
ISBN | : |
Download Three Essays on Real Estate Investment Trust Return and Risk Book in PDF, ePub and Kindle
Author | : Anna Mathieu |
Publisher | : Springer |
Total Pages | : 133 |
Release | : 2015-11-05 |
Genre | : Business & Economics |
ISBN | : 3658116374 |
Download Essays on the Impact of Sentiment on Real Estate Investments Book in PDF, ePub and Kindle
Anna Mathieu clarifies if real estate decisions are affected by investor and consumer sentiment and how severely the sentiment should be considered. With regard to international capital markets Mathieu conducts an analysis of the impact of investor sentiment on the return of the real estate-specific investment vehicle “Real Estate Investment Trust (REIT)” by applying a GARCH-Model. She investigates the effects of investor sentiment on the return and the underlying volatilities of REITs and Non-REITs during the financial crisis. The hypotheses are tested for validity in a GARCH-Model. Parallel to capital markets and thereby in changing from an indirect Real Estate investment perspective to a direct perspective the author conducts an analysis if consumer sentiment impacts the household decision to buy a new home in the US. Therefore a dataset with 385 monthly observations from 1978 to 2010 is tested by a component model.
Author | : Julian Eibel |
Publisher | : Springer Nature |
Total Pages | : 174 |
Release | : 2020-10-10 |
Genre | : Business & Economics |
ISBN | : 3658319771 |
Download Real Estate Investment Trusts and Joint Ventures Book in PDF, ePub and Kindle
Julian Eibel studies the contribution of joint venture (JV) use as means of financing flexibility against the background of diverse financial restrictions in the institutional and regulated environment of the REIT Act. After reviewing JV motives for classical corporations, the real estate and REIT industry as well as the financing and capital behavior of REITs, the author finds JVs to result from REIT managers’ need of financing flexibility to allow timely funding outside regulated markets. Thus, he argues JVs mitigate financing restrictions and stimulate capital markets to regain access to classical financing.
Author | : Zhonghua Wu |
Publisher | : |
Total Pages | : 184 |
Release | : 2006 |
Genre | : |
ISBN | : |
Download Three Essays in REIT Corporate Finance Book in PDF, ePub and Kindle