The financial economics literature is replete with empirical studies which document the impacts of agency costs on the capital structure of industrial firms. However, until recently there have been few studies of these impacts on the share values of Real Estate Investment Firms (REITs). This study examines those impacts in light of the salient financial economics theories.; Certain clarifications to the 1986 Tax Reform Act permitted self-administered REITs, and by the early 1990s it was widely held in the popular literature that advisor REITs manifested agency costs. Hence, many REITs declared themselves to be self-administered, while nonetheless evidencing behaviors consistent with the advisor form. This study looks at both self-administered and advisor REITs, but also looks at the underlying behaviors associated with agency costs, such as type or geographic diversification. The study examines the cross-sectional impacts of these factors on REIT share returns following IPOs and debt offering announcements.; The study finds little support for a hypothesis that advisor REIT returns are negative following debt announcements, but does provide support for the Howe and Shilling (1988) model for debt announcements.; On the other hand, this study finds support for the hypothesis that self-administered REIT IPOs are priced similar to closed-end mutual funds, while advisor REIT IPOs are underpriced, similarly to industrial firm IPOs.
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机译:金融经济学文献中有大量的实证研究,这些实证研究记录了代理成本对工业企业资本结构的影响。但是,直到最近,对这些对房地产投资公司(REIT)的股票价值的影响的研究还很少。本研究根据显着的金融经济学理论检验了这些影响。对1986年《税制改革法》的某些澄清允许自行管理房地产投资信托基金,到1990年代初,在大众文献中普遍认为顾问房地产投资信托基金体现了代理费用。因此,许多房地产投资信托基金宣称自己是自我管理的,但仍证明行为与顾问表格相一致。这项研究既考察了自我管理型房地产投资信托基金,也考察了顾问型房地产投资信托基金,但也考察了与代理成本相关的潜在行为,例如类型或地域多元化。该研究考察了这些因素对首次公开募股和发行债券后房地产投资信托基金股票收益的横截面影响。这项研究几乎没有发现关于在债务公告后顾问房地产投资信托回报为负的假设的支持,但确实为Howe and Shilling(1988)的债务公告模型提供了支持。另一方面,这项研究支持以下假设:自我管理的REIT IPO的定价与封闭式共同基金相似,而顾问REIT IPO的定价与工业公司的IPO相似。
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