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  1. The Journal of Real Estate Finance and Economics
  2. The Journal of Real Estate Finance and Economics : Volume 45
  3. The Journal of Real Estate Finance and Economics : Volume 45, Issue 2, August 2012
  4. Market Value of REIT Liquidity
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The Journal of Real Estate Finance and Economics : Volume 54
The Journal of Real Estate Finance and Economics : Volume 53
The Journal of Real Estate Finance and Economics : Volume 52
The Journal of Real Estate Finance and Economics : Volume 51
The Journal of Real Estate Finance and Economics : Volume 50
The Journal of Real Estate Finance and Economics : Volume 49
The Journal of Real Estate Finance and Economics : Volume 48
The Journal of Real Estate Finance and Economics : Volume 47
The Journal of Real Estate Finance and Economics : Volume 46
The Journal of Real Estate Finance and Economics : Volume 45
The Journal of Real Estate Finance and Economics : Volume 45, Issue 4, November 2012
The Journal of Real Estate Finance and Economics : Volume 45, Issue 3, October 2012
The Journal of Real Estate Finance and Economics : Volume 45, Issue 2, August 2012
Racial Discrimination and Mortgage Lending
Delegating Eminent Domain Powers to Private Firms: Land Use and Efficiency Implications
Frothy Housing Markets and Local Stock-Price Movements
Spatial Variation in the Determinants of House Prices and Apartment Rents in China
Market States and the Effect on Equity REIT Returns due to Changes in Monetary Policy Stance
Market Value of REIT Liquidity
Earnings Conference Call Content and Stock Price: The Case of REITs
Dividend Size, Yield, Clienteles and REITs
Financial Opacity and Firm Performance: The Readability of REIT Annual Reports
Minimum Service Requirements, Limited Brokers and Menuing of Services
Asymmetric Correlation and Volatility Dynamics among Stock, Bond, and Securitized Real Estate Markets
Estimating Real Estate Price Movements for High Frequency Tradable Indexes in a Scarce Data Environment
The Journal of Real Estate Finance and Economics : Volume 45, Issue 1, June 2012
The Journal of Real Estate Finance and Economics : Volume 44
The Journal of Real Estate Finance and Economics : Volume 43
The Journal of Real Estate Finance and Economics : Volume 42
The Journal of Real Estate Finance and Economics : Volume 41
The Journal of Real Estate Finance and Economics : Volume 40
The Journal of Real Estate Finance and Economics : Volume 39
The Journal of Real Estate Finance and Economics : Volume 38
The Journal of Real Estate Finance and Economics : Volume 37
The Journal of Real Estate Finance and Economics : Volume 36
The Journal of Real Estate Finance and Economics : Volume 35
The Journal of Real Estate Finance and Economics : Volume 34
The Journal of Real Estate Finance and Economics : Volume 33
The Journal of Real Estate Finance and Economics : Volume 32
The Journal of Real Estate Finance and Economics : Volume 31
The Journal of Real Estate Finance and Economics : Volume 30
The Journal of Real Estate Finance and Economics : Volume 29
The Journal of Real Estate Finance and Economics : Volume 28
The Journal of Real Estate Finance and Economics : Volume 27
The Journal of Real Estate Finance and Economics : Volume 26
The Journal of Real Estate Finance and Economics : Volume 25
The Journal of Real Estate Finance and Economics : Volume 24
The Journal of Real Estate Finance and Economics : Volume 23
The Journal of Real Estate Finance and Economics : Volume 22
The Journal of Real Estate Finance and Economics : Volume 21
The Journal of Real Estate Finance and Economics : Volume 20
The Journal of Real Estate Finance and Economics : Volume 19
The Journal of Real Estate Finance and Economics : Volume 18
The Journal of Real Estate Finance and Economics : Volume 17
The Journal of Real Estate Finance and Economics : Volume 16
The Journal of Real Estate Finance and Economics : Volume 15
The Journal of Real Estate Finance and Economics : Volume 14

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Market Value of REIT Liquidity

Content Provider Springer Nature Link
Author Hill, Matthew D. Kelly, G. Wayne Hardin, William G.
Copyright Year 2010
Abstract We examine the relation between firm value and liquidity among REITs. Results show shareholders benefit from both cash and unused credit line capacity. The market values an additional dollar of cash at a premium and, as theory predicts, unused credit lines are significantly less valued than cash. Evidence suggests an increase in the market value of liquidity during the recent financial crisis. We also find that financial characteristics quantifying financial constraint influence the value of REIT financial flexibility. Most notably, the value of cash decreases with remaining credit line capacity. Although prior studies argue that cash and credit lines are substitutes, this is one of the first tests of whether the market prices this substitutability.
Starting Page 383
Ending Page 401
Page Count 19
File Format PDF
ISSN 08955638
Journal The Journal of Real Estate Finance and Economics
Volume Number 45
Issue Number 2
e-ISSN 1573045X
Language English
Publisher Springer US
Publisher Date 2010-09-21
Publisher Place Boston
Access Restriction One Nation One Subscription (ONOS)
Subject Keyword REITs Cash Liquidity Credit lines Financial flexibility Firm value Finance/Investment/Banking Regional/Spatial Science
Content Type Text
Resource Type Article
Subject Finance Urban Studies Accounting Economics and Econometrics
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