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Query: faculty: "FEB" and publication year: "2011"

AuthorsM. Ertugrul, E. Giambona
TitleProperty segment and REIT capital structure
JournalJournal of Real Estate Finance and Economics
Volume43
Year2011
Issue4
Pages505-526
ISSN08955638
FacultyFaculty of Economics and Business
Institute/dept.FEB: Amsterdam Business School Research Institute (ABS-RI)
AbstractThis paper relies on an increasing number of industry equilibrium studies linking a firm to its industry peers to help explain the observed REIT capital structure variation within property segments beyond what is possible with the traditional partial equilibrium trade-off and pecking order theories, which assume that each firm operates in isolation from other market participants and are not particularly suitable to REITs because of the regulated setting within which these firms operate. We build several proxies for a REIT’s position within its property segment. Consistent with the competitive equilibrium model of Maksimovic and Zechner (1991), we find that a REIT’s volatility of operating performance relative to the median volatility of operating performance of its segment peers is an important determinant of its leverage ratio. We also find that a REIT’s leverage ratio depends on the median leverage ratio in its segment. Leverage is also related to a REIT’s status as an incumbent and its role as a leader in the property segment.
Document typeArticle
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