An Analysis of the Determinants of Dividend Policy for Real Estate Investment Trusts PDF Download
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Author: James W. Wansley
Publisher:
ISBN:
Category : Real estate investment trusts
Languages : en
Pages : 23
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Book Description
Author: James W. Wansley
Publisher:
ISBN:
Category : Real estate investment trusts
Languages : en
Pages : 23
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Book Description
Author: Artem Kapatsinskiy
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Book Description
Determinants of dividend policy throughout many years has been one of the major topics in corporate finance. Typically, firms have a choice on amount and time of dividend payments. However, this is not exactly the case for real estate investment trusts (REITs), which by a legislation required to pay out to shareholders a certain share of their taxable income. This study investigates the determinants of excess (i.e., above the mandatory requirement) dividend distributions of real estate investment trusts. Also, two existing methods for calculating the proxy for excess dividends are analyzed and certain amendments to one of those methods are proposed and implemented. The empirical results suggest that main factors to influence excess dividend payout are dividend smoothing and complete elimination of taxes. There is also some evidence for an agency cost theory. First, the bigger and initially more transparent REITs tend to pay out less dividends in excess of the obligatory level. Secondly, in order to increase transparency, REIT managers tend to pay out more excess dividends. Although the aforementioned results are consistent with inferences of some other researches on that matter, I conclude that none of existent ways of calculating the dependent variable (i.e., excess dividends) allow for a robust results: one method produce very rough proxy of excess dividends, therefore questioning the very point of using such approach; the second one is better in terms of accuracy, but requires collecting companies self-reported data, which leaves with a low number of observations and may imply self-selection bias.
Author: Su Han Chan
Publisher: Oxford University Press
ISBN: 0198035357
Category : Business & Economics
Languages : en
Pages : 318
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Book Description
The book offers broad understanding and unique insights into the REITs industry. Its scope is to analyze and synthesize the existing scholarly research on REITs in a way that will enable managers to improve their investments decisions and the operating performance of their REITs. It also provides up-to-date original research on REITs based on the authors' own database, which is the most extensive data base available on REITs that is free of suvivorship bias. This book helps investors evaluate REITs and identify those with the greatest investment potential. Finally, it provides the reader with a detailed discussion of likely future changes anticipated for this unique invetment vehicle.
Author: William M. Gentry
Publisher:
ISBN:
Category : Corporations
Languages : en
Pages : 37
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Book Description
Financial economists have debated the impact of dividend taxes on firm valuation for decades, but existing empirical evidence is mixed. In this study, we avoid certain complications inherent in previous empirical work by exploiting institutional characteristics of Real Estate Investment Trusts (REITs). For REITs, dividend policy is largely non-discretionary, share repurchases are not tax advantaged relative to dividends, and the market value of a firm's assets is relatively transparent to investors. In addition, REITs are exempt from corporate taxes, so their tax deductions flow directly to shareholders as reductions in dividend taxes. Within this environment, we regress the market value of a REIT's equity on the market value of its assets and its tax basis in assets, which creates tax deductions that lower future dividend taxes. We find that tax basis has a positive effect on firm value, which suggests that investors capitalize future dividend taxes into share prices
Author: William B. Brueggeman
Publisher: Irwin Professional Pub
ISBN: 9780072977363
Category : Business & Economics
Languages : en
Pages : 640
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Book Description
Real Estate Finance & Investments is today's most indispensable, hands-on look at the increasingly vital arena of real estate partnerships, secondary mortgage markets, and fixed- and adjustable- rate mortgages. Updates to this edition include completely revised coverage of REITs, expanded coverage of CMBS, more detail on how underlying economic factors affect property value, and short readings based on current events.
Author: Sewell Marshall Webber
Publisher:
ISBN:
Category :
Languages : en
Pages : 158
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Author: Louisiana State Library
Publisher:
ISBN:
Category : Louisiana
Languages : en
Pages : 74
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Author: Ko Wang
Publisher:
ISBN:
Category :
Languages : en
Pages : 33
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Book Description
Author: C. F. Sirmans
Publisher: McGraw-Hill Companies
ISBN: 9780070576988
Category : Dwellings
Languages : en
Pages : 0
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Book Description
Author: Thomas H. Gillespie
Publisher:
ISBN:
Category :
Languages : en
Pages : 310
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Book Description
