By Nicolai C. Striewe
Nicolai C. Striewe analyzes power opportunistic habit of REIT managers and gives empirical facts at the effectiveness of institutional tracking as a company governance mechanism. the writer additionally indicates how one can advertise sustainable administration by way of institutional participation. the result of his examine supply important insights to reinforce company governance, transparency and potency within the REIT industry. They motivate (a) teachers to incorporate a behavioral part into reports of the REIT industry, (b) REIT managers to include powerful tracking and keep an eye on mechanisms, (c) traders to develop into extra conscious of supplier conflicts in REITs and (d) coverage makers to facilitate a criminal framework conducive to a sustainable REIT market.
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Additional info for Corporate Governance of Real Estate Investment Trusts
42 Corporate Governance and the Leverage of REITs: The Impact of the Advisor Structure Figure 3: Market-to-Book Ratios of US REITs 2,9 2,7 2,5 2,3 2,1 1,9 1,7 1,5 1,3 1,1 0,9 Internally Advised Externally Advised The coefficients of our control variables turn out as expected and are consistent with recent findings from Harrison et al. (2011) and Ghosh et al. (2011). Profitability, dividend payout, size and stock performance are inversely related to leverage. Earnings volatility and asset tangibility are positively related to leverage.
The fraudulent activities in these companies involved false accounting, deception of investors, insider trading and violation of securities law. Corporate Governance and REITs 13 executives of these companies received vast amounts of performance-based compensation in the period 2000 to 2008, which encouraged them to take on excessive risk. Subprime debt was hidden off-balance sheet through Repo 105 transactions, which helped polish financial statements. , 2009b). Academics were the first to point out the possible threats associated with misaligned compensation schemes.
In return it requires the distribution of a great portion of earnings to investors (USA: 95% prior to 2001, 90% thereafter). REITs provide a liquid structure for the illiquid real estate asset. They can be traded publicly on stock exchanges or held privately. Depending on their mix of assets they are classified as equity, hybrid or mortgage REITs. Equity REITs own real estate, mortgage REITs invest in loans secured by real estate. Hybrid REITs combine both types of investments. 10 Therefore, a functioning corporate governance __________________ 9 Real Estate Operating Companies (REOCs), which are included in the dataset of paper two, are less restricted than REITs.