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Journal articles on the topic 'Real estate investment trusts – Canada'

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Published: 10 December 2022

Last updated: 28 January 2023

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1

Churyk, Natalie Tatiana, Alan Reinstein, and Lance Smith. "Jones Enterprises Real Estate Investment Trust: Comparing U.S. and Canadian Acquisition Accounting, Balance Sheet and Security Commission Reporting, and Initial Public Offering Location." Issues in Accounting Education 33, no. 2 (February 1, 2018): 35–42. http://dx.doi.org/10.2308/iace-52043.

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ABSTRACT Based on a Big 4 real estate audit partner's client, this case introduces graduate research and advanced financial accounting students to acquisition accounting under U.S. generally accepted accounting principles (GAAP) and International Financial Reporting Standards (IFRS), provides a perspective on real estate investment trusts (REITs), and requires analyzing a U.S. versus Canadian (Ontario) initial public offering (IPO). Students list U.S. and Canadian advantages and disadvantages of REITs, record a portfolio purchase, prepare U.S. GAAP and IFRS balance sheets in order to grasp major REIT reporting differences, contrast the key provisions between U.S. and Canadian (Ontario) securities commissions' IPO reporting, and consider ongoing securities commissions' reporting options. Finally, students will recommend whether the IPO should be issued in the U.S. or Canada. Completing the case helps students: (1) grasp U.S. GAAP and IFRS acquisition accounting methods and different REIT presentations; and (2) recognize that the country selected for the IPO depends upon the issuer's circumstances and preferences.

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2

Grybauskas, Andrius, and Vaida Pilinkiene. "Is the rest of the EU missing out on REITs?" European Journal of Management and Business Economics 29, no. 1 (October 8, 2019): 110–22. http://dx.doi.org/10.1108/ejmbe-06-2019-0092.

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Purpose The purpose of this paper is to investigate whether real estate investment trusts (REITs) have any significant cost-efficiency advantages over real estate operating companies (REOCs). Design/methodology/approach The data for listed companies were extracted from the Bloomberg terminal. The authors analyzed financial ratios and conducted a non-parametric data envelope analysis (DEA) for 534 firms in the USA, Canada and some EU member states. Findings The results suggest that REITs were much more cost-efficient than REOCs by all the parameters in the DEA model during the entire three-year period under consideration. Although the debt-to-equity levels were similar, REOCs were more relying on short-term than long-term maturities, which made them more vulnerable against market corrections or shocks. Being larger in asset size did not necessarily guarantee greater economies of scale. Both – the cases of increasing economies of scale and diseconomies – were detected. The time period 2015–2017 showed the general trend of decreasing efficiency. Originality/value Very few papers on the topic of REITs have attempted to find out whether a different firm structure displays any differences in efficiency. Because the question of REITs and sustainable growth of the real estate market has become a prominent issue, this research can help EU countries to consider the option of adopting a REIT system. If this system were successfully implemented, the EU member states could benefit from a more sustainable and more rapid growth of their real estate markets.

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3

Kant, Shashi. "Sale of Canada’s public forests: Economically non-viable option." Forestry Chronicle 85, no. 6 (December 1, 2009): 841–48. http://dx.doi.org/10.5558/tfc85841-6.

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In recent years, some economists and journalists have argued that since only 7% of Canadian forests are under private ownership, Canadian public forests should be sold to private companies. In this paper, I examine and analyze global forest ownership and recent trends in the change in forest land ownership. In Canada, 26.5 million ha of forest land are under private ownership, while the area of forest land (of each country) of more than 200 countries, including Sweden, Finland, Germany, France, Japan, and New Zealand, is less than the area of Canada’s private forest land. Similarly, the forest industry in Canada owns more forest land available for wood supply than the forest industry in any other developed country except the USA and Sweden. There is no direct relationship between private forest ownership and the economic performance of forest industry in a country. I examine 3 cases of change in forest land ownership: Timber Investment Management Organizations and Real Estate Investment Trusts in the USA, restitution of forest land in economies in transition, and sale of plantations in Chile. None of the cases provide economic evidence in support of sale of Canadian public forests. I conclude that the sale of the Crown forest land will not only be environmentally, socially, and politically unacceptable, but will not be economically viable. Key words: Canada, economic performance, forest ownership, forest tenure, privatization, restitution of forest land, timber investment management organizations, wood supply

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4

Foti, Lianne, and Avis Devine. "High Involvement and Ethical Consumption: A Study of the Environmentally Certified Home Purchase Decision." Sustainability 11, no. 19 (September 27, 2019): 5353. http://dx.doi.org/10.3390/su11195353.

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Sustainable and energy efficient (SEE) attributes in the housing market have become a focus in Canada. Similarly, understanding the consumer’s decision-making process of this high-involvement ethical product has become a burgeoning area for researchers. This study describes the development of the subject, highlighting the nature of the ethical decision-making process and how it relates to this known intention–behaviour gap. An observation, followed by two studies consisting of in-depth interviews with real estate agents and sales representatives (n = 15) and home purchasers/consumers (n = 15), were conducted. Transcriptions were analysed qualitatively with NVivo Pro 12 software (NVivo Pro 12, QSR International Pty Ltd, Melbourne, Australia). Inductive thematic analysis revealed two main driving themes: information and trust in seller/realtor. Attribute investment return uncertainty was identified as a theme that affects the strength of the relationship between purchase intention and behaviour, whereas the trust in seller/realtor speaks to how and why this effect occurs. The findings present relationships among the driving factors that were identified by realtors and consumers in the SEE housing market, as well as barriers (investment return uncertainty) that prevent consumers from purchasing high-involvement ethical products.

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5

Chen, Hsuan-Chi, Keng-Yu Ho, Chiuling Lu, and Cheng-Huan Wu. "Real Estate Investment Trusts." Journal of Portfolio Management 31, no. 5 (September 30, 2005): 46–54. http://dx.doi.org/10.3905/jpm.2005.593887.

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6

Peng Liu. "Real Estate Investment Trusts." Cornell Hospitality Quarterly 51, no. 3 (May 26, 2010): 415–28. http://dx.doi.org/10.1177/1938965510370732.

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7

Rojo-Alvarez-Manzaneda, Rafael, and María Del Carmen García-Garnica. "Real Estate Investment Trusts (SOCIMIs)." European Company Law 8, Issue 4 (August 1, 2011): 145–51. http://dx.doi.org/10.54648/eucl2011026.

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In order to promote investment in urban real estate and the rental market in Spain the Spanish legislature has introduced the legal form of publicly traded Real Estate Investment Trusts. As an alternative to the traditional Collective Investment Institutions these REITs have the objective to enable Spain to overcome the effects of the current financial crisis.

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8

Leković, Miljan, Drago Cvijanović, and Milena Jakšić. "Farmland real estate investment trusts." Ekonomika poljoprivrede 65, no. 2 (2018): 745–55. http://dx.doi.org/10.5937/ekopolj1802745l.

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9

Giliberto, Michael. "Equity Real Estate Investment Trusts and Real Estate Returns." Journal of Real Estate Research 5, no. 2 (January 1, 1990): 259–63. http://dx.doi.org/10.1080/10835547.1990.12090615.

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10

Arumi, Christina, and Jonathan Ivinson. "Europe Debates Real Estate Investment Trusts." Intertax 33, Issue 6/7 (June 1, 2005): 297–300. http://dx.doi.org/10.54648/taxi2005050.

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11

Power, Emily, and Bjarke Skærlund Risager. "Rent-striking the REIT: Reflections on tenant organizing against financialized rental housing in Hamilton, Ontario, Canada." Radical Housing Journal 1, no. 2 (September 23, 2019): 81–101. http://dx.doi.org/10.54825/zdpy4559.

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In 2018, a group of tenants from four high-rise apartment buildings in East Hamilton, Ontario, Canada, launched a seven-month rent strike against their landlord, a real estate investment trust (REIT). The tenants protested a proposed steep rent increase and demanded long-standing repairs to their apartments. While some repairs were done, and the strike involved other successful moments, the rent increase was not fought off. Written from the perspective of the Hamilton Tenants Solidarity Network (HTSN), the group that helped organizing the rent strike, this article has two aims. First, we analyse the strategy and tactics of the REIT in the context of deindustrialization and financialization in Hamilton. We break up this financialized landlord’s ‘repositioning’ strategy into five predatory tactics: cutting, squeezing, greening, rent increasing, and bullying and bribing. Second, we reflect on the experiences, successes, and failures of HTSN. Our successes include organizing tenants and training tenants as organizers; having well-executed legal, fundraising, and media strategies; making social events and political actions integral to the strike; and relying on and forging further ties with comrades and supporters. Our challenges and failures concern all the tenants we didn’t manage to involve or involve in an active way; divergent tenant strategies; relationships between tenants and organizers and within HTSN; and underestimating the stakes of going up against a REIT. We conclude by reflecting on the potential for collective organizing in the face of financialized landlords today.

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12

Lee, Ming-Long, Ming-Te Lee, and Kevin C. H. Chiang. "Real Estate Risk Exposure of Equity Real Estate Investment Trusts." Journal of Real Estate Finance and Economics 36, no. 2 (July 11, 2007): 165–81. http://dx.doi.org/10.1007/s11146-007-9058-2.

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13

Jackson, Leonard A. "An application of the Fama–French three-factor model to lodging REITs: A 20-year analysis." Tourism and Hospitality Research 20, no. 1 (September 12, 2018): 31–40. http://dx.doi.org/10.1177/1467358418798141.

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This study applied the Fama–French three-factor model to model the returns of 33 US publicly traded lodging real estate investment trusts over a 20-year period. Results indicated that lodging real estate investment trusts that were significantly correlated with all the three factors had the greatest number of years in the market and the highest mean market capitalization, while those that were not significantly correlated with any of the three factors existed in the market for shorter periods and had the lowest mean market capitalization. Findings also indicated that the higher the market capitalization of real estate investment trusts, the more exposure they faced in the market. Results also suggest that the longer lodging real estate investment trusts existed in the marketplace, the greater their exposure to market risk. Overall, empirical results of this research are reasonably consistent with the Fama–French three-factor model as there is evidence of market, size, and book-to-value factors in the lodging real estate investment trusts market.

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14

Redman, Arnold, Herman Manakyan, and Kartono Liano. "Real Estate Investment Trusts and Calendar Anomalies." Journal of Real Estate Research 14, no. 1 (January 1, 1997): 19–28. http://dx.doi.org/10.1080/10835547.1997.12090886.

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15

Chong, James, Joëlle Miffre, and Simon Stevenson. "Conditional Correlations and Real Estate Investment Trusts." Journal of Real Estate Portfolio Management 15, no. 2 (January 1, 2009): 173–84. http://dx.doi.org/10.1080/10835547.2009.12089840.

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16

Payne, James E., and Thomas W. Zuehlke. "Duration dependence in real estate investment trusts." Applied Financial Economics 16, no. 5 (March 2006): 413–23. http://dx.doi.org/10.1080/09603100500391099.

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17

Cashman, George D., David M. Harrison, and Christine A. Panasian. "CLAWBACK PROVISIONS IN REAL ESTATE INVESTMENT TRUSTS." Journal of Financial Research 39, no. 1 (March 2016): 87–114. http://dx.doi.org/10.1111/jfir.12090.

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18

Jin, Changha, and Kwanyoung Kim. "International Real Estate Review." International Real Estate Review 20, no. 3 (September 30, 2017): 349–74. http://dx.doi.org/10.53383/100246.

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Although real estate investment trusts (REITs) in Korea (K-REITs) have a history of over a decade, little related academic research exists due to many constraints, including the lack of available data. This research is the first attempt to examine a total of 74 REIT companies by using data from the Korea Association of Real Estate Investment Trusts. In this study, we explore the economies of scale of both private and public REITs in Korea. Initially, we construct an equivalent baseline measure for growth prospects, revenue and expenses, and profitability, and thereby compare private and public K-REITs. This study further explores the return determinants for K-REITs with a range of firm-specific and property-specific variables. The results show that the asset size of K-REITs matters in determining growth prospects, wherein revenue and expenses and profitability are interrelated. Furthermore, the ownership structure of K-REITs influences the return measure.

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19

Muigai, Peris Wanjiku, Fredrick Mutea, and Nancy Rintari. "Relationship between Real Estate Investment Trusts (REITs) and financial performance of selected investment banks in Nairobi County, Kenya." International Journal of Finance 7, no. 1 (March 21, 2022): 11–23. http://dx.doi.org/10.47941/ijf.790.

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Purpose: To investigate the relationship between real estate mutual funds investment and financial performance of selected investment banks in Nairobi County, Kenya. Methodology: The study used descriptive research design. The target population was 22 investment banks in Nairobi Kenya whose respondents were 75 investment managers, 297 investment officers, 124 risk officers, and 161 quality assurance officers. Simple random sampling method was used to obtain a sample of 7 investment banks whose 22 investment managers, 89 investment officers, 38 risk officers, 48 quality assurance officers were included. This study used a questionnaire and secondary data collection form to gather data. This study conducted a pre-test at two randomly selected commercial banks branch in Meru County. These banks were housing finance bank and Kenya Commercial Bank. Inferential analysis generated included model summary to test the level of influence, analysis of variance to test hypothesis and regression coefficients to test the study’s model. Results: The respondents agreed that there are reliable customer service services that boost client-bank relations which increases the confidence in investing even higher amounts of income towards REITs. (Mean-3.23). Despite that, respondents disagreed that investor’s wealth is able to grow especially due to profitable returns they generate as a result of engaging in real estate investment trusts (mean-2.23). In addition, the respondents disagreed that banks promote cultural and religion inclusivity by including products such as Islamic real estate investment trusts to incorporate Islams (mean-2.45). The model summary indicated that real estate investment trusts had an R-0.589 and an R-square of 0.347. This indicated that real estate investment trusts influenced 35% of financial performance. Durbin Watson’s value of 1.980 indicated a positive auto-correlation. The ANOVA analysis indicated that real estate investment trusts had an F-statistic of 7.033 and significance level of 0.009 which was below 0.05. There was a relationship between REITs and financial performance. The bank’s rate of return was low due to high price volatility. Investor’ high demand as compared to the supply of REITs by real estate sector played a significant effect on its prices. In addition, the study found out most real estate companies had not set out much REITs which made it tricky for investors to reap maximum returns on them. Unique contribution to theory, policy and practice: Gaps were established on how real estate investment banks would incorporate diversity in their products. For example, the presence of Islamic real estate investment trusts was found to be missing in investment banks due to complicated Sharia laws on how interest should be accrued so that no party loses in the deal (both the banks and the investor). Investment banks management should develop various REITs products which incorporates diversity such as introducing Islamic products. Investment banks should develop partnership opportunities for real estate companies so that they are able to increase their investment products baskets. CMA should extend a hand to investment banks and firms so that they get appropriate prices on various REITs.

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20

Arora, Rohit. "Real Estate Investment Trusts (REITs): Development in India." Indian Journal of Applied Research 1, no. 10 (October 1, 2011): 102–3. http://dx.doi.org/10.15373/2249555x/jul2012/33.

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21

Bers, Martina, and Thomas Springer. "Economies-of-Scale for Real Estate Investment Trusts." Journal of Real Estate Research 14, no. 3 (January 1, 1997): 275–91. http://dx.doi.org/10.1080/10835547.1997.12090905.

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22

Han, Jun, and Youguo Liang. "The Historical Performance of Real Estate Investment Trusts." Journal of Real Estate Research 10, no. 3 (January 1, 1995): 235–62. http://dx.doi.org/10.1080/10835547.1995.12090791.

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23

Chen, K., and Daniel Tzang. "Interest-Rate Sensitivity of Real Estate Investment Trusts." Journal of Real Estate Research 3, no. 3 (January 1, 1988): 13–22. http://dx.doi.org/10.1080/10835547.1988.12090561.

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24

Kuhle, James, Carl Walther, and Charles Wurtzebach. "The Financial Performance Of Real Estate Investment Trusts." Journal of Real Estate Research 1, no. 1 (January 1, 1986): 67–75. http://dx.doi.org/10.1080/10835547.1986.12090517.

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25

Burkova, Y. A. "Real Estate Investment Trusts in the Developed Countries." MGIMO Review of International Relations, no. 4(37) (August 28, 2014): 197–205. http://dx.doi.org/10.24833/2071-8160-2014-4-37-197-205.

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In this article, performance of239 real estate investment trusts (REITs) from 15 developed countries is analyzed according to their regional specific characteristics. This investment vehicle is rapidly spreading all over the world due to high returns it offers while being of low risk, and since the governments create special legislation. In 2013, there were around 30 countries where REITs can be created, so regional specifics of REITs' performance can be studied. USA has the oldest REITs market in the world with 133 trusts operating there. Popularity of American REITs is explained by the fact that they usually hold well diversified portfolios of property with stable income. This helped them rather successfully survive through the global economic crisis of2008-2010, but after that attracted close attention of institutional investors which has led to the creation of new bubble on the market. European REITs market has appeared recently, its development being slowed down by the recent crisis. The debt crisis and liquidity strain caused REITs lack of funds; economic downturn led to the reduction of trusts' returns, resulting in the outflow of the investment to the USA. In 2012, the recovery of the debt capital market reanimated the REITs market. REITs in the Asia-Pacific region are very risky thus offering a high riskpremium. Their returns are unstable and fluctuate in line with the global economic situation. After the crisis, REITs have been the most attractive investment vehicle on the market offering high yield.

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26

Larson, Stephen J. "Real Estate Investment Trusts and Stock Price Reversals." Journal of Real Estate Finance and Economics 30, no. 1 (February 2005): 81–88. http://dx.doi.org/10.1007/s11146-004-4832-x.

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27

Ho, Kim Hin David, Kwame Addae-Dapaah, and Fang Rui Lina Peck. "Cross-listing of real estate investment trusts (REITs)." Journal of Property Investment & Finance 35, no. 5 (August 7, 2017): 509–27. http://dx.doi.org/10.1108/jpif-08-2016-0063.

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Purpose The purpose of this paper is to examine the common stock price reaction and the changes to the risk exposure of the cross-listing for real estate investment trusts (REITs). Design/methodology/approach The paper adopts the event study methodology to assess the abnormal returns (ARs). Pre- and post-cross-listing changes in the risk exposure for the domestic and foreign markets are examined, via a modified two-factor international asset pricing model. A comparison is made for two broad cross-listings, namely, the depositary receipts and the dual ordinary listings, to examine the impacts from institutional differences. Findings Cross-listed REITs generally experience positive and significant ARs throughout the event window, implying significant superior returns associated with the cross-listing for REITs. On systematic risks, REITs exhibit significant decline in their domestic market β coefficients after the cross-listing. However, the foreign market β coefficients do not yield conclusive evidence when compared across the sample. Research limitations/implications Results are consistent with prudential asset allocation for potential diversification gains from the cross-listing, as the reduction from the domestic market beta is more significant than changes in the foreign market beta. Practical implications The results and findings should incentivise REIT managers to explore viable cross-listing. Social implications Such cross-listing for REITs should enhance risk diversification. Originality/value This is a pioneer study on cross-listing of REITs. It provides a basis for investment decision making, and could provoke further research and discussion.

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Hofert, Sebastian, and Christian Möller. "Introduction of real estate investment trusts in Germany." Law and Financial Markets Review 1, no. 2 (March 2007): 145–49. http://dx.doi.org/10.1080/17521440.2007.11427872.

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29

Bredin, Don, Gerard O'Reilly, and Simon Stevenson. "Monetary policy transmission and real estate investment trusts." International Journal of Finance & Economics 16, no. 1 (December 17, 2010): 92–102. http://dx.doi.org/10.1002/ijfe.413.

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30

Escobari, Diego, and Mohammad Jafarinejad. "Date stamping bubbles in Real Estate Investment Trusts." Quarterly Review of Economics and Finance 60 (May 2016): 224–30. http://dx.doi.org/10.1016/j.qref.2015.10.003.

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31

Mori, Masaki, and Alan J. Ziobrowski. "International Real Estate Review." International Real Estate Review 9, no. 1 (June 30, 2006): 1–22. http://dx.doi.org/10.53383/100066.

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Foreign real estate investment funds have recently been added to the practical investment opportunity sets of ordinary Japanese investors. This paper analyzes the additional diversification benefits of U.S. REITs and Australian listed property trusts (LPTs) for Japanese investors who already hold Japanese, U.S., and Australian financial assets while considering different risk definitions in a mean-lower partial moment (MLPM) framework. The study uses data from August 1994 to July 2004. The impacts of currency adjustment and risk definition on the diversification benefits are examined. Our results suggest that the additional diversification benefits of U.S. REITs and Australian LPTs can be obtained only in very limited cases by Japanese investors.

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Adilieme, Chibuikem, and Obinna Umeh. "Sensitivity of Real Estate Investment Return to Market Return Index: The Case of Nigerian Real Estate Investment Trusts." Baltic Journal of Real Estate Economics and Construction Management 8, no. 1 (January 1, 2020): 197–207. http://dx.doi.org/10.2478/bjreecm-2020-0014.

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Abstract The level of sensitivity of every investment option to a market index is crucial to investors. Sensitivity analysis of individual or a set of returns on investments to market return index predicts the reaction of the investment(s) to changes in the market index; informs investors of prospective performance of different investments types; as well as assists the investors in making appropriate decisions on investment selections. This paper assessed how sensitive indirect real estate investments in Nigeria were to market index. The three companies whose asset returns were considered in this study were real estate investment trusts listed in the Nigerian Stock Exchange. The data used in this study were sourced from annual reports of the listed companies, and reports of the Nigerian Stock Exchange. The beta coefficients were used to determine the sensitivity of the selected stocks to market return index. The study found a very low and insignificant beta coefficient among various real estate investments and market return index. Hence, there is no relationship between the market return index and the returns on the Real Estate Investment Trusts listed in the Nigerian Stock Exchange.

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33

Gabriel, Fernanda Sousa, Kárem Cristina de Sousa Ribeiro Post, Kárem Cristina de Sousa Ribeiro Post, Pablo Rogers, and Pablo Rogers. "Clustering Real Estate Investment Trusts: Brazil versus United States." Journal of Management Research 7, no. 4 (July 9, 2015): 166. http://dx.doi.org/10.5296/jmr.v7i4.7848.

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<p><span style="font-family: Times New Roman;">This research aims to cluster American and Brazilian Real Estate Investment Trusts – USAREITs and BRREITs, respectively – based on their risk-adjusted measures of performance from January/2003 to August/2013, as well as before, during and after the financial crisis of 2008. Factor and Cluster Analysis pointed out three groups. Afterwards, Kruskal-Wallis and Dwass-Steel-Chritchlow-Fligner pairwise comparisons were adopted to verify the statistical differences between clusters. Overall, BRREITs achieved a better performance before and during the crisis, but an inferior performance after the crisis. USAREITs presented a more aggressive strategy after the crisis, whilst BRREITs presented a more conservative strategy during the same period.</span></p>

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Schwarz, Kyrill-A. "Real Estate Investment Trusts – ausgewählte Rechtsfragen einer neuen Anlageform -." JuristenZeitung 63, no. 11 (2008): 550. http://dx.doi.org/10.1628/002268808784614952.

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35

Chiang, Hui Chen, Yih Ching Tsaih, and Wen-Cheng Hsiao. "THE EFFICIENCY ANALYSIS OF SINGAPORE REAL ESTATE INVESTMENT TRUSTS." Eurasian Journal of Business and Management 4, no. 4 (2016): 9–20. http://dx.doi.org/10.15604/ejbm.2016.04.04.002.

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36

Goebel, Paul, and Kee Kim. "Performance Evaluation of Finite-Life Real Estate Investment Trusts." Journal of Real Estate Research 4, no. 2 (January 1, 1989): 57–69. http://dx.doi.org/10.1080/10835547.1989.12090580.

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37

Brown, David T. "Liquidity and Liquidation: Evidence from Real Estate Investment Trusts." Journal of Finance 55, no. 1 (February 2000): 469–85. http://dx.doi.org/10.1111/0022-1082.00213.

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38

Hubbard, Jonathan. "The Environment and Performance of Real Estate Investment Trusts." CFA Digest 34, no. 2 (May 2004): 10–11. http://dx.doi.org/10.2469/dig.v34.n2.1404.

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39

Yung, Kenneth, Diane DeQing Li, and Yi Jian. "Managerial decision horizon and real estate investment trusts (REITs)." Review of Behavioral Finance 9, no. 1 (April 10, 2017): 63–78. http://dx.doi.org/10.1108/rbf-06-2015-0026.

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Purpose The purpose of this paper is to examine the effects of managerial decision horizon (MDH) on real estate investment trust (REIT) behavior and performance. Design/methodology/approach In this study, the authors expand the number of proxies and measure managerial horizon by CEO age, CEO tenure, cash compensation relative to total compensation, and the amount of vested equity-based compensation to total compensation. To avoid potential measurement error, the authors compute the average ranking score of the four individual measures to determine the overall MDH of a CEO. Cross-sectional time series regressions are then performed on the effects of CEO MDH on REIT policies and performance. The authors also examine if the effect of myopic MDH can be mitigated by good corporate governance. For robustness purpose, the authors also compare the effects of age-related MDH and compensation-related MDH. Findings The results show that REITs managed by CEOs with short MDHs have lower levels of asset growth and a lower standard deviation of return on assets. These REITs also have lower debt levels, lower dividend payouts, and hold more cash. The results suggest that short-horizon CEOs have incentives to lower investment risk, default risk, and liquidity risk at the firm level in order to protect personal benefits. CEOs with a short horizon also have a negative impact on REIT performance. The results also show that CEO compensation-related horizon problems are mitigated by corporate governance, but CEO age-related horizon problems are significant and persistent. The results suggest that age-related behavioral biases of the CEO are important determinants of corporate decisions. Practical implications The results of this study suggest that the managerial behavioral biases should be considered in understanding firm behavior. Originality/value This is the first study that examines the effects of MDH on REIT behavior and performance. The unique regulatory environment of REITs makes them less susceptible to agency problems of free cash flow and thus provides a clearer picture of the effect of MDH. Prior studies focus on the effect of managerial horizon on firm investment activity, this study expands the scope to examine the effects on investment and financial policies. In addition, this study adds to the literature by showing that the effect of age-related horizon problems may not be mitigated by good corporate governance.

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40

Milunovich, George, and Stefan Trück. "Regional and global contagion in real estate investment trusts." Journal of Property Investment & Finance 31, no. 1 (February 2013): 53–77. http://dx.doi.org/10.1108/14635781311292971.

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Zhu, Zhaobo, DavidM Harrison, and MichaelJ Seiler. "Preference for lottery features in real estate investment trusts." International Review of Economics & Finance 69 (September 2020): 599–613. http://dx.doi.org/10.1016/j.iref.2020.05.012.

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Hung, Szu-Yin Kathy, and John L. Glascock. "Volatilities and Momentum Returns in Real Estate Investment Trusts." Journal of Real Estate Finance and Economics 41, no. 2 (February 20, 2009): 126–49. http://dx.doi.org/10.1007/s11146-008-9165-8.

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Lantushenko, Viktoriya, and Edward Nelling. "Institutional Property-Type Herding in Real Estate Investment Trusts." Journal of Real Estate Finance and Economics 54, no. 4 (March 4, 2016): 459–81. http://dx.doi.org/10.1007/s11146-016-9553-4.

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Zietz, Emily, Stacy Sirmans, and Swint Friday. "The Environment and Performance of Real Estate Investment Trusts." Journal of Real Estate Portfolio Management 9, no. 2 (January 1, 2003): 127–65. http://dx.doi.org/10.1080/10835547.2003.12089679.

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Almudhaf, Fahad. "Bubbles in US hotel/lodging real estate investment trusts." Journal of Property Investment & Finance 36, no. 2 (March 5, 2018): 171–90. http://dx.doi.org/10.1108/jpif-03-2017-0025.

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Purpose The purpose of this paper is to test for the presence of bubbles in the US lodging/hotel real estate investment trust (REIT) subsector from 1994 to 2016. It also compares the profitability of a buy-and-hold strategy with several technical trading rules when applied to lodging REITs. Design/methodology/approach To investigate speculative bubbles, the sequential right-sided unit root tests of Phillips, Shi and Yu (2015a, b) are used. Findings The results confirm the possibility of the existence of multiple bubbles and explosive behavior in prices and the price-dividend ratio. One of the detected bubbles coincides with the financial economic crisis of 2008 using both measures. In addition, several technical rules are found to be superior to a naïve buy-and-hold strategy even after adjusting for risk. Practical implications These findings will be of interest to policy makers, who can use such models as an early alert to take anticipative action to avoid bursting of bubbles and consequent negative effects on the economy. The findings also provide important information to investors attempting to devise trading rules that utilize the signals from bubble detection, as well as to hotel executives devising policies aimed at reducing risk and creating more firm value to maximize shareholder wealth. Moreover, valuation and bubbles are important to lenders and creditors who use assets as collaterals for financing hotel REITs. Originality/value Hotels are a unique hybrid of retail and housing that combine operating business with real estate. This paper is the first to investigate speculative bubbles in lodging REITs.

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Sing, Tien, and Kok Weng Loh. "International Real Estate Review." International Real Estate Review 17, no. 1 (April 30, 2014): 23–46. http://dx.doi.org/10.53383/100178.

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The study tests the predictability of excess returns on four global asset classes that include Shariah-compliant (SC) real estate, SC stocks, conventional real estate and real estate investment trusts (REITs). Based on weekly excess returns from January 2001 to December 2010, our empirical results do not reject the hypothesis that Shariah compliance risk is significantly priced in the excess returns of a portfolio of the four global asset classes. Shariah compliance risk and real estate risk are mutually exclusive. Fund managers will only price one common Shariah compliance risk in a pure real estate portfolio that consists of SC real estate, conventional real estate and REITs.

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Frank, Lisa A. C., and Chinmoy Ghosh. "Does firm governance affect institutional investment? Evidence from real estate investment trusts." Applied Financial Economics 22, no. 13 (March 12, 2012): 1063–78. http://dx.doi.org/10.1080/09603107.2011.639733.

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Hardin, William G. III, Kartono Liano Liano, and Gow-cheng Huang. "International Real Estate Review." International Real Estate Review 8, no. 1 (June 30, 2005): 83–94. http://dx.doi.org/10.53383/100061.

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Initial research on calendar anomalies has shown their existence for real estate investment trusts (REITs) and for the general stock market. Recent studies of the general stock market, however, have shown that these anomalies have disappeared or been reversed over time. The present research updates existing REIT calendar anomaly research through the use of value-weighted and equal-weighted REIT indices and the decomposition of income and capital returns. From 1994 to 2002, the presence of calendar anomalies is sensitive to the use of REIT index type as well as the dividend yield and capital yield components. The use of the value-weighted index eliminates the appearance of calendar anomalies in REITs.

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Cashman, George D., David M. Harrison, and Hainan Sheng. "International Real Estate Review." International Real Estate Review 18, no. 3 (September 30, 2015): 331–64. http://dx.doi.org/10.53383/100205.

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This study investigates the impact of political risk on the cost of capital for publicly traded real estate firms. More specifically, by using a sample of 102 REITs and listed property trusts, which hold nearly 6,000 distinct investment properties across the Asia-Pacific region, we find strong empirical evidence that increased exposure to political risk increases both the cost of equity financing of a firm and its weighted average cost of capital. Interestingly, no such linkages are apparent between political risk and the cost of debt of a firm. These empirical results are robust to a variety of alternative measures of political risk, including a: 1) political rights index, 2) political change index, and 3) corruption perceptions index.

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Adamuscin, A. "Investing in European market real property through reits." Slovak Journal of Civil Engineering 18, no. 1 (March 1, 2010): 31–42. http://dx.doi.org/10.2478/v10189-010-0001-9.

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Investing in European market real property through reitsFor institutional and private investors, investing in real estate represents an attractive form of the consignment of their money. Real estate provides a regular source of income in the form of the rent from or interest on the credit provided. At the same time, real estate is a good investment instrument, because it provides diversified contributions and security against inflation for investors. In their efforts to diversify risk, investors are expressing growing interest in investing in the whole European Union. The success of Real Estate Investment Trusts (REITs) in the U.S. also opened the door for investing in this market for small investors, which is the reason for the development of this type of investment company in the European arena. One problem concerning the development of European real estate investment funds is the unsolved issue of the harmonization of the legislation and regulatory safety measures, which would enable the creation of a common market for new investment products in Europe.

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