The tax-induced holding periods of real estate Investors: Theory and empirical evidence |
| |
Authors: | George W. Gau Ko Wang |
| |
Affiliation: | (1) Department of Finance, University of Texas at Austin, 78712 Austin, TX;(2) Department of Finance, California State University-Fullerton, 92634 Fullerton, CA |
| |
Abstract: | This article reexamines holding period decisions in real estate investment. It develops and empirically tests a holding period model recognizing not only taxes but also refinancing and investor-specific determinants. Based on a sample of over 1,000 real estate transactions with observed holding periods, the results of our tests support the conclusion that investors' consumption and investment preferences and prevailing market interest rates are more important than tax issues in determining the holding periods of real estate investors. |
| |
Keywords: | Real estate investment holding period |
本文献已被 SpringerLink 等数据库收录! |
|