REIT Leverage and Return Performance: Keep Your Eye on the Target

被引：33

作者：

Giacomini, Emanuela ^{[1
]}

Ling, David C. ^{[2
]}

Naranjo, Andy ^{[2
]}

机构：

[1] Univ Macerata, Dept Econ & Law, Via Crescimbeni 20, I-62100 Macerata, Italy

[2] Univ Florida, Hough Grad Sch Business, Dept Finance Insurance & Real Estate, Gainesville, FL 32611 USA

来源：

REAL ESTATE ECONOMICS | 2017年 / 45卷 / 04期

关键词：

D O I：

10.1111/1540-6229.12179

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

This article examines U.S. REIT leverage decisions and their effects on risk and return. We find that the speed at which REITs close the gap between current debt levels and target leverage levels is 17% annually. REITs that are highly levered relative to the average REIT tend to underperform REITs with less debt in their capital structure. However, REITs that are highly levered relative to their target leverage tend to perform better on a risk-adjusted basis than under-levered REITs. Taken together, our results show that REIT leverage has significant return performance effects conditional on deviations from target leverage.

引用

页码：930 / 978

页数：49

共 75 条

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