کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
5083904 | 1477818 | 2012 | 8 صفحه PDF | دانلود رایگان |
عنوان انگلیسی مقاله ISI
Do investors value REITs and Non-REITs differently?
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موضوعات مرتبط
علوم انسانی و اجتماعی
اقتصاد، اقتصادسنجی و امور مالی
اقتصاد و اقتصادسنجی
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چکیده انگلیسی
This study compares the valuation of REITs and non-REITs, using firm-level return and accounting data of 168 REITs and 3,215 industrial companies and the methodology of Vuolteenaho (2002) that separates variances driven by cash flow news and expected return news. The evidence shows that, relative to industrial firms, REITs are driven more by cash flow risk. However, the difference in cash flow risk is insignificant after controlling for leverage. Furthermore, in poor market conditions the valuation of REITs is closer to that of non-REITs, a result we interpret as evidence of a leverage effect. These results point to leverage as an important driver of cash flow risk. In addition, cash flow risk of small firms is found to be on average lower than that of larger ones.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: International Review of Economics & Finance - Volume 24, October 2012, Pages 295-302
Journal: International Review of Economics & Finance - Volume 24, October 2012, Pages 295-302
نویسندگان
Peihwang Wei, Xiaolou Yang,