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dc.contributor.authorAlcock, Jamie
dc.contributor.authorSteiner, Eva
dc.contributor.authorTan, Kelvin Jui Keng
dc.date.accessioned2020-09-12T21:03:44Z
dc.date.available2020-09-12T21:03:44Z
dc.date.issued2010-08-24
dc.identifier.other9212243
dc.identifier.urihttps://hdl.handle.net/1813/71621
dc.description.abstractThe leverage and debt maturity choices of real estate companies are interdependent, and are not made separately as is often assumed in the literature. We use three-stage least squares (3SLS) regression analysis to explore this interdependence for a sample of listed U.S. real estate companies and Real Estate Investment Trusts (REITs) traded between 1973 and 2006.We find substantial differences in the nature of the relationship between leverage and maturity for the two firm types. Leverage is a determinant of maturity for non-REITs, whereas maturity is a determinant of leverage for REITs. We also find that the drivers of capital structure choices in real estate companies and REITs clearly reflect the effects of the REIT regulation.
dc.language.isoen_US
dc.rightsRequired Publisher Statement: Copyright held by the authors.
dc.subjectleverage
dc.subjectdebt maturity
dc.subjectcapital structure
dc.subjectG32
dc.subjectG01
dc.titleOn the Capital Structure of Real Estate Firms
dc.typearticle
dc.description.legacydownloadsSteiner18_On_the_capital_structure.pdf: 753 downloads, before Aug. 1, 2020.
local.authorAffiliationAlcock, Jamie: University of Cambridge
local.authorAffiliationSteiner, Eva: ems457@cornell.edu Cornell University School of Hotel Administration
local.authorAffiliationTan, Kelvin Jui Keng: University of Queensland


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