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  1. The Journal of Real Estate Finance and Economics
  2. The Journal of Real Estate Finance and Economics : Volume 46
  3. The Journal of Real Estate Finance and Economics : Volume 46, Issue 1, January 2013
  4. Dividends, Values and Agency Costs in REITs
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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 46, Issue 4, May 2013
The Journal of Real Estate Finance and Economics : Volume 46, Issue 3, April 2013
The Journal of Real Estate Finance and Economics : Volume 46, Issue 2, February 2013
The Journal of Real Estate Finance and Economics : Volume 46, Issue 1, January 2013
Are Commercial Mortgage Defaults Affected by Tax Considerations?
REIT Going Private Decisions
Predictability and Persistence of the Price Movements of the S&P/Case-Shiller House Price Indices
Dividends, Values and Agency Costs in REITs
Another Look at Effects of “Adults-Only” Age Restrictions on Housing Prices
Fair Lending Analysis of Mortgage Pricing: Does Underwriting Matter?
Time Variation in Diversification Benefits of Commodity, REITs, and TIPS
Distortions Resulting from Residential Land Use Controls in Metropolitan Areas
The Journal of Real Estate Finance and Economics : Volume 45
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
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The Journal of Real Estate Finance and Economics : Volume 33
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The Journal of Real Estate Finance and Economics : Volume 31
The Journal of Real Estate Finance and Economics : Volume 30
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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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Dividends, Values and Agency Costs in REITs

Content Provider Springer Nature Link
Author Chou, Wen Hsiu Hardin, William G. Hill, Matthew D. Kelly, G. Wayne
Copyright Year 2011
Abstract This study examines the market value of REIT dividends conditional on transparency of operating structure and effectiveness of boards. Results suggest that total, mandatory and discretionary dividends are valued by the market. Consistent with agency cost theory, results provide some evidence that discretionary dividends paid by REITs with greater principal-agent conflicts have greater market value. Specific results suggest an increased value of excess dividends paid by firms with more complex organizational structures (UPREITs) and, to some degree, less independent boards. This evidence implies the equity market recognizes REITs’ substitution of discretionary dividends for stronger governance.
Starting Page 91
Ending Page 114
Page Count 24
File Format PDF
ISSN 08955638
Journal The Journal of Real Estate Finance and Economics
Volume Number 46
Issue Number 1
e-ISSN 1573045X
Language English
Publisher Springer US
Publisher Date 2011-05-03
Publisher Place Boston
Access Restriction One Nation One Subscription (ONOS)
Subject Keyword Dividends Agency costs Governance REITs Market value Regional/Spatial Science Finance/Investment/Banking
Content Type Text
Resource Type Article
Subject Finance Urban Studies Accounting Economics and Econometrics
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