Corporate Governance of Real Estate Investment Trusts (eBook)

Nicolai C. Striewe (Autor)

eBook Download: PDF

2015 | 1st ed. 2016
XXIII, 122 Seiten
Springer Fachmedien Wiesbaden GmbH (Verlag)
978-3-658-11619-4 (ISBN)

Infos

Nicolai C. Striewe analyzes potential opportunistic behavior of REIT managers and provides empirical evidence on the effectiveness of institutional monitoring as a corporate governance mechanism. The author also suggests ways to promote sustainable management by means of institutional participation. The results of his study provide valuable insights to enhance corporate governance, transparency and efficiency in the REIT market. They encourage (a) academics to include a behavioral component into studies of the REIT market, (b) REIT managers to incorporate effective monitoring and control mechanisms, (c) investors to become more aware of agency conflicts in REITs and (d) policy makers to facilitate a legal framework conducive to a sustainable REIT market.

Dr. Nicolai C. Striewe MRICS wrote his dissertation at the Real Estate Management Institute (REMI) of the EBS European Business School. He now is responsible for investor relations, research and risk management at an Investment Holding in Munic, Germany.

Inhalt

Preface of the Editors 6
Preface of the Author 12
Table of Contents 17
List of Figures 19
List of Tables 20
List of Abbreviations 21
1 Introduction 22
1.1 Motivation and Problem Definition 22
1.2 Outline of Dissertation 24
2 Corporate Governance and REITs 28
2.1 Corporate Governance and Agency Theory 28
2.2 Corporate Governance in the REIT Market 36
3 Corporate Governance and theLeverage of REITs: The Impact ofthe Advisor Structure 40
3 Corporate Governance and the Leverage of REITs: The Impact of the Advisor Structure 41
3.1 Introduction 41
3.2 Theoretical Background 44
3.2.1 Capital Structure Theories 44
3.2.2 Capital Structure of REITs 47
3.2.3 Corporate Governance and Capital Structure 49
3.2.4 Control Variables and Dependent Variable 53
3.3 Data and Methodology 56
3.4 Estimation Results 59
3.5 Concluding Remarks 65
4 The Impact of InstitutionalOwnership on the Performance ofREITs and REOCs: TheCorporate Governance Effect 67
4 The Impact of Institutional Ownership on the Performance of REITs and REOCs: The Corporate Governance Effect 68
4.1 Introduction 68
4.2 Theoretical Background 72
4.3 Data and Methodology 76
4.4 Estimation Results 82
4.5 Concluding Remarks 89
5 What Drives Institutions toInvest in REITs 91
5 What Drives Institutions to Invest in REITs 92
5.1 Introduction 92
5.2 Theoretical Background 95
5.3 Data and Methodology 98
5.4 Estimation Results 106
5.5 Concluding Remarks 116
6 Summary, Practical Implications, and Outlook 119
Bibliography 127
Appendix 136

Produkt-Details

• Erscheint lt. Verlag: 10.11.2015
• Reihe/Serie: Essays in Real Estate Research
• Reihe/Serie: Essays in Real Estate Research
• Zusatzinfo: XXIII, 122 p. 5 illus.
• Verlagsort: Wiesbaden
• Sprache: englisch
• Themenwelt: Wirtschaft ► Betriebswirtschaft / Management
• Schlagworte: Conflicts of Interest • Corporate Governance • Real Estate Finance • Real Estate Investment • Real Estate Investment Trusts
• ISBN-10: 3-658-11619-6 / 3658116196
• ISBN-13: 978-3-658-11619-4 / 9783658116194