Abstract

http://ssrn.com/abstract=1664071
 
 

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On the Capital Structure of Real Estate Firms


Jamie Alcock


The University of Sydney Business School

Eva Steiner


University of Cambridge - Department of Land Economy

Kelvin Jui Keng Tan


University of Queensland - Business School; Financial Research Network (FIRN)

August 24, 2010

23rd Australasian Finance and Banking Conference 2010 Paper

Abstract:     
The 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.

Number of Pages in PDF File: 32

Keywords: Capital Structure, Leverage, Maturity, Real Estate Firms

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Date posted: August 23, 2010 ; Last revised: April 5, 2011

Suggested Citation

Alcock, Jamie and Steiner, Eva and Tan, Kelvin Jui Keng, On the Capital Structure of Real Estate Firms (August 24, 2010). 23rd Australasian Finance and Banking Conference 2010 Paper. Available at SSRN: http://ssrn.com/abstract=1664071 or http://dx.doi.org/10.2139/ssrn.1664071

Contact Information

Jamie Alcock (Contact Author)
The University of Sydney Business School ( email )
Cnr. of Codrington and Rose Streets
Sydney, NSW 2006
Australia
Eva Maria Steiner
University of Cambridge - Department of Land Economy ( email )
19 Silver Street
Cambridge, CB3 9EP
United Kingdom
Kelvin Jui Keng Tan
University of Queensland - Business School ( email )
Brisbane, Queensland 4072
Australia
Financial Research Network (FIRN) ( email )
C/- University of Queensland Business School
St Lucia, 4071 Brisbane
Queensland
Australia

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