REIT conversions at a global perspecitve : why do REOCs adopt the REIT status ?

Wagner, Dominik (University of Regensburg, Germany) ; Woltering, René-Ojas (Ecole hôtelière de Lausanne, HES-SO // University of Applied Sciences Western Switzerland) ; Sebastian, Steffen (University of Regensburg, Germany) ; Downs, David H. (Virginia Commonwealth University)

Economic theory and rational expectations postulate several reasons why listed real estate companies could pursue to achieve the REIT status. However, there are practical and structural up- and downsides of course. This paper employs both the heterogeneity and severity of regulations, incorporates firm specific characteristics, market dynamics and agency issues to reveal driving forces of listed real estate companies, which influence the decision to elect the REIT sta-tus. Our results show two dominant REIT criteria among the legal requirements as well as conversion following behavior across domiciled companies. Furthermore, key executives tend to use the REIT framework to personally participate in the accompanied market effects triggered by adopting the tax-exempted status.


Keywords:
Conference Type:
full paper
Faculty:
Economie et Services
School:
EHL
Institute:
Aucun institut
Subject(s):
Economie/gestion
Publisher:
Paradise Valley, USA, 9-13 April 2019
Date:
2019-04
Paradise Valley, USA
9-13 April 2019
Pagination:
44 p.
Published in:
Proceedings of the American Real Estate Society 35th Annual Meeting 2019
Appears in Collection:

Note: The status of this file is: restricted


 Record created 2019-08-19, last modified 2019-09-02

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