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.


Mots-clés:
Type de conférence:
full paper
Faculté:
Economie et Services
Ecole:
EHL
Institut:
Aucun institut
Classification:
Economie/gestion
Adresse bibliogr.:
Paradise Valley, USA, 9-13 April 2019
Date:
2019-04
Paradise Valley, USA
9-13 April 2019
Pagination:
44 p.
Publié dans:
Proceedings of the American Real Estate Society 35th Annual Meeting 2019
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Note: The status of this file is: restricted


 Notice créée le 2019-08-19, modifiée le 2020-10-27

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