Do changes in credit ratings of REITs affect their capital structure decisions?

Existing research has highlighted the high leverage ratio of Real Estate Investment Trusts (REITs). To the extent that credit rating is important to REITs when sourcing for capital from the public debt markets, our paper investigates the effect of changes in REIT credit ratings on capital structure decisions while controlling for endogeneity effects. Our results indicate that REITs that face the prospect of an imminent credit rating downgrade issue approximately 11% less debt net of equity as a percentage of total assets than other REITs. This effect is asymmetric in that positive rating outlooks do not have a significant impact on REIT capital structure activities.     

转型背景下商业地产的投资前景与融资模式——基于REITs的投资价值分析

为了严格控制房价过快上涨,国家相继出台了一系列的房地产调控政策,房地产企业普遍感到资金链越来越紧。在新形势下,房地产开发企业的出路在于向商业地产转型。应采取向保障性住房建设、商业地产、旅游地产等领域投资的策略。在融资方面,必须改变长期以来单纯依靠银行贷款的筹资模式,走多元化融资道路。通过资产证券化,发展房地产投资信托基金（REITs）则是当前可优先选择的模式。REITs可以拓宽房企的融资渠道和广大投资者的投资渠道,有利于促进房地产开发企业向商业地产转型。政府应尽快明确REITs的合法地位;加快培育优质商业资源;公开市场交易,促进多元化投资主体的形成。     

REITs资金配置优化——基于京、沪、深、渝四市的实证研究

本文运用CAPM模型,利用2000年10月到2010年10月的月度中房指数对北京、上海、深圳、重庆四个城市的REITs资金配置进行优化研究。研究结果表明对同一城市的不同物业类型进行投资,住宅投资的风险相比办公楼投资风险大;从区域投资分散化看,深圳的投资收益率高于房地产市场综合收益率,上海和北京接近,但从风险的角度来看,深圳和上海的投资风险最大,北京次之,重庆的投资风险最小。最后作者提出风险控制模型、资金投向、经济周期认识等相关对策。     

房地产投资信托与房地产私募股权基金的辨析与应用初探

近年来房地产面临更加严峻的信贷政策,传统融资渠道受限。房地产投资信托(REITs)及房地产私募股权基金(REPE)成为关注的新型融资渠道。本文详细辨析了REITs与REPE的概念,探讨了REITs与REPE在国内应用的可行性,分析其在国内应用存在的障碍并提出建议。     

深圳房地产投资信托基金的发展模式探析

随着REITs在美国迅猛发展,逐步成为商业地产投资的主流。在当前我国对房地产业实施宏观调控的背景下,研究REITs的模式发展问题,为我国发展REITs提供参考,促进房地产行业健康可持续发展,具有重要的理论和现实意义。     

Unexpected Inflation,Capital Structure,and Real Risk‐adjusted Firm Performance

Managers can improve real risk‐adjusted firm performance by matching nominal assets with nominal liabilities, thereby reducing the sensitivity of real risk‐adjusted returns to unexpected inflation. The net asset value of US equity real estate investment trusts (REITs) serves as a good proxy for nominal assets and, accordingly, we use a sample of US REITs to test our hypothesis. We find that for the firms in our sample: (i) their real risk‐adjusted performance, and (ii) their inflation‐hedging qualities are inversely related to deviations from this ‘matching‐nominals’ argument. In addition to providing managers with a vehicle to maximize real risk‐adjusted performance, our findings also provide investors with the tools to infer inflation‐hedging qualities of equity investments.     

Long‐Term post‐merger announcement performance. A case study of Australian listed real estate

This study examines the long‐term postmerger performance of Australian Real Estate Investment Trusts (A‐REITs). The A‐REIT sector is used as a case study being less vulnerable to agency issues due to its regulatory structure (Eichholtz and Kok, 2008; Ratcliffe et al., 2009). Research on conventional firms has shown, on average, shareholders are worse off in the long run (Alexandridis et al., 2012). In contrast, we find that shareholders experience significantly positive abnormal returns, after accounting for the financial crisis. This outcome suggests that when managers are restricted with the use of retained earnings and the type of investment, they may be less susceptible to hubris and/or agency issues.     

基于区域房地产市场的REITs投资方向与围度定位研究

房地产投资信托（REITs）作为重要的证券化产品创新,有效的解决了单笔房地产投资规模巨大、产权不易分割、交易繁琐等弊端,成为房地产持有者与相关证券投资者共同的选择。本文以房地产投资组合的运行机理为依托,比较了REITs投资于不同物业类型的优劣势,并进而以天津房地产市场开发及运行情况为例对REITs投资方向与围度定位。     

Institutional Investment and the Turn-of-the-Month Effect: Evidence from REITs

Many studies have hypothesized that the turn-of-the-month effect is caused by institutional investment. However, there is little evidence to support this hypothesis. This study provides an empirical test that measures the impact of the level of institutional investment on the turn-of-the-month effect using a sample of REITs over the period 1980 to 2004. We find that a significant change in the turn-of-the-month effect occurred following the Omnibus Reconciliation Act of 1993 which relaxed the requirements on the level of institutional investment in REITs. The evidence suggests that the dramatic rise in institutional holdings can account for a good part of this change. However, the impact of institutional investment may not be as large as some researchers have suspected. There is no evidence to suggest that institutional investment impacts returns on the day when the turn-of-the-month effect is most pronounced, suggesting that this calendar anomaly is not caused exclusively by institutional investors in the market.

Discovering REIT Price Discovery: A New Data Setting

This study decomposes real estate investment trust (REIT) returns into two components: (1) real returns, and (2) public returns. The real returns are based on the changes in the private, appraisal-based net asset values of REITs, whereas the public returns are measured by the variations in REITs’ premiums/discounts. This study then investigates the price discovery of REIT prices. The results indicate that lagged public returns are useful in predicting real returns. In addition, the study documents concurrent factor exposures for public returns and lagged factor exposures for private returns under a variety of asset pricing models. Overall, the results are consistent with the notion that public markets are more efficient in processing information.