ON THE RELATIONSHIP BETWEEN LEVERAGE AND DEBT MATURITY FOR US REAL ESTATE FIRMS
||Alcock, Jamie ; Steiner, Eva; Keng Tan, Kelvin Jui
||ON THE RELATIONSHIP BETWEEN LEVERAGE AND DEBT MATURITY FOR US REAL ESTATE FIRMS
||17th Annual European Real Estate Society Conference in Milan, Italy
||The leverage and debt maturity decisions of real estate firms are related. However, most empirical capital structure studies implicitly assume that they are made independently. We explore both these dimensions of capital structure in US real estate companies and REITs and find that leverage and maturity are indeed related, but that the nature of this relationship varies significantly between REITs and non-REITs. Further, we explore the firm-specific and market-wide determinants of leverage and maturity in US real estate firms and REITs. While the determinants of leverage are similar for REITs and non-REITs, the determinants of maturity differ substantially between REITs and non-REITs.
||capital structure, REITs, indirect investment
||file.ppt (518,656 bytes)
Post discussion ...
||Indirect Real Estate Investment (1)
These pages are best viewed with any standards compliant browser (e.g. Mozilla).