Show simple item record

dc.contributor.authorDamodaran, Aswath
dc.contributor.authorJohn, Kose
dc.contributor.authorLiu, Crocker H.
dc.description.abstractWe study changes in the real estate industry among organizational forms with varying degrees of restrictiveness and document the associated changes in profitability, free cash flow, debt, dividends, and investment policies. All troubled firms in our sample move to a more flexible organizational structure, with subsequent reductions in dividends, improvements in performance, and increases in asset sales and investments. Healthy firms that move to a tighter structure have larger free cash flows before the change; they increase dividends, reduce free cash flows and improve profitability after the change. We document evidence of tax considerations in organizational changes.
dc.rightsRequired Publisher Statement: © Elsevier. Final version published as: Damodaran, A., John, K., & Liu, C. H. (1997). The determinants of organizational form changes: Evidence and implications from real estate. Journal of Financial Economics, 45(2), 169-192. Reprinted with permission. All rights reserved.
dc.subjectorganizational form
dc.subjectcash flows
dc.subjectreal estate
dc.titleThe Determinants of Organizational Form Changes: Evidence and Implications from Real Estate
dc.description.legacydownloadsLiu12_The_determinants_of_organizational_form_changes.pdf: 691 downloads, before Aug. 1, 2020.
local.authorAffiliationDamodaran, Aswath: New York University
local.authorAffiliationJohn, Kose: New York University
local.authorAffiliationLiu, Crocker H.: Cornell University

Files in this item


This item appears in the following Collection(s)

Show simple item record