A truly global crisis? Evidence from contagion dependence across international REIT markets

This study examines the global nature of the recent crisis under bivariate Markov-switching models for pre- and post-crisis periods using the breakpoint of August 9, 2007. It quantifies international synchronization of boom-bust regime switches to investigate contagion-type dynamic comovements of Real Estate Investment Trusts (REITs). Global REIT markets display persistent bust regimes from September 2008 to May 2009, whereas the regime-switching patterns are not significant in the pre-crisis period. The results provide new evidence for global REIT contagion phenomena and suggest greater difficulties in diversifying risks across global REIT markets during the post-crisis period.     

The financing decisions of REITs: The case of warrant extensions

In this paper, we examine the warrant price and stock price reactions to the announcement of warrant life extensions by REITs. As predicted by option pricing theory, warrant prices increase in response to these extensions. The stocks of REITs making the extension announcements experience average abnormal returns that are not significantly different from zero. Thus, total firm value appears to increase, with the gains accruing primarily to the warrantholders.     

REITs在商业地产发展中的运用

REITs是一种可以使广大中小投资者投资房地产并分享稳定收益的方式。随着我国房地产宏观调控政策作用的不断显现,房地产开发企业所面临的融资条件越来越严格。对于开发投资大,回收期长的商业地产开发来说,发展REITs具有重要意义,不仅能拓宽商业地产开发的融资渠道,还可以分散银行体系的经营风险,防范金融业风险。对国内商业地产开发中存在的问题和在商业地产中引入REITs时开发商应做的准备工作进行了讨论,同时结合美国REITs的经验提出了相关政策建议。     

Insider Ownership and Firm Value: Evidence from Real Estate Investment Trusts

Real estate investment trust (REIT) provides a unique laboratory to study the relation between insider ownership and firm value. One, a REIT has to satisfy special regulations which weaken alternative mechanisms to control agency problems. Empirically, I find a significant and robust nonlinear relation between Tobin's Q and REIT insider ownership that is consistent with the trade-off between the incentive alignment and the entrenchment effect of insider ownership. Two, many REITs are Umbrella Partnership REITs (UPREITs) which have dual ownership structure. They have both common shares and Operating Partnership Units (OP units). Property owners can contribute their properties to the UPREIT in exchange for OP units. Their capital gains taxes remain deferred as long as they hold onto their OP units and the UPREIT does not sell the properties they contributed. OP units owners are locked in with the firm and have incentive to monitor firm management, but their interests diverge from the common shareholders because their tax bases are much lower. Consistent with the trade-off between positive monitoring effect of OP units and tax-induced agency costs, I find that UPREIT's firm value increases with the fraction of OP units, but the effect is significantly weaker for the UPREITs where insiders hold OP units.     

The REIT Modernization Act of 1999

This article examines two effects of the passage of the REIT Modernization Act (RMA) of 1999: its impacts on REIT shareholder wealth and changes in REIT systematic risk in the period following its passage. The results indicate a modest positive wealth effect associated with the legislative events leading to its enactment. Our estimates of the wealth gain probably underestimate the true wealth gain because of the partially anticipated nature of the legislative process. We also document a significant decline in the systematic risk of REITs subsequent to the passage of the RMA. The evidence suggests that this decline is not attributable to a provision of the RMA that allows REITs to establish taxable subsidiaries.     

浅谈房地产投资信托基金在的中国发展路径选择

REITs作为投资基金的一种,主要是以组合投资、专家理财等形式来满足投资的大众化,从而为投资者提供了小额投资的新方案。而从税收角度来看,REITs的另一重大优势则是无需双重征税,这也是美国REITs市场(全球最大的REITs市场)不断发展壮大的驱动力所在。本文着重分析REITs作为一种新型投融资方式,在暂时没有政策监管的中国市场应当如何运行。     

房企通过REITs上市融资

REITs(房地产信托投资基金)作为国外主流商业地产开发商的重要融资渠道之一,在国外地产行业中占有重要的地位。在国内,由于法律政策等方面原因,REITs市场一直没有得到建立。通过介绍REITs及其作为一种融资手段对于地产开发商的利弊,期望对国内建立REITs市场提供借鉴。     

房地产投资信托基金在我国公租房建设中的应用

公租房是我国“十二五”期间重点发展的保障性住房,是解决“夹心层”住房问题的有效途径,然而我国公租房建设面临着严重的资金短缺问题。针对我国公租房建设目前融资问题,文章探析了公租房建设中引入REITs模式的必要性和可行性,对公租房项目REITs的运作模式以及运行保障措施进行分析,以推进公租房项目市场化运作。     

我国REITs发展模式选择及房地产企业经营模式优化研究

本文对比分析了契约型REITs和公司型REITs的特点,结合我国的现实情况,建议目前发展契约型REITs更符合我国国情。在此基础上,为配合契约型REITs的推出,拓宽融资渠道,对我国房地产企业经营模式优化提出了几点建议。     

关于REITs在廉租房融资运用中的探讨

发展廉租房建设是健全我国住房保障体系的重要举措之一,目前我国廉租房融资寄于财政篱下,主要依靠财政拨款。由于融资渠道的单一化,使得如何筹措到足够的资金来满足廉租房建设需求成为一大难题。因此,拓宽廉租房融资渠道,对于解决低收入者的住房问题并减轻政府负担有着积极的意义。文章探索了房地产信托投资基金（REITs）在廉租房融资中的运用,并提出了未来我国发展廉祖房REITs的路径选择。