Corporate Governance of Real Estate Investment Trusts
E-Book
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.
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.
1;Preface of the Editors;6 2;Preface of the Author;12 3;Table of Contents;17 4;List of Figures;19 5;List of Tables;20 6;List of Abbreviations;21 7;1 Introduction;22 7.1;1.1 Motivation and Problem Definition;22 7.2;1.2 Outline of Dissertation;24 8;2 Corporate Governance and REITs;28 8.1;2.1 Corporate Governance and Agency Theory;28 8.2;2.2 Corporate Governance in the REIT Market;36 9;3 Corporate Governance and theLeverage of REITs: The Impact ofthe Advisor Structure;40 9.1;3 Corporate Governance and the Leverage of REITs: The Impact of the Advisor Structure;41 9.1.1;3.1 Introduction;41 9.1.2;3.2 Theoretical Background;44 9.1.2.1;3.2.1 Capital Structure Theories;44 9.1.2.2;3.2.2 Capital Structure of REITs;47 9.1.2.3;3.2.3 Corporate Governance and Capital Structure;49 9.1.2.4;3.2.4 Control Variables and Dependent Variable;53 9.1.3;3.3 Data and Methodology;56 9.1.4;3.4 Estimation Results;59 9.1.5;3.5 Concluding Remarks;65 10;4 The Impact of InstitutionalOwnership on the Performance ofREITs and REOCs: TheCorporate Governance Effect;67 10.1;4 The Impact of Institutional Ownership on the Performance of REITs and REOCs: The Corporate Governance Effect;68 10.1.1;4.1 Introduction;68 10.1.2;4.2 Theoretical Background;72 10.1.3;4.3 Data and Methodology;76 10.1.4;4.4 Estimation Results;82 10.1.5;4.5 Concluding Remarks;89 11;5 What Drives Institutions toInvest in REITs;91 11.1;5 What Drives Institutions to Invest in REITs;92 11.1.1;5.1 Introduction;92 11.1.2;5.2 Theoretical Background;95 11.1.3;5.3 Data and Methodology;98 11.1.4;5.4 Estimation Results;106 11.1.5;5.5 Concluding Remarks;116 12;6 Summary, Practical Implications, and Outlook;119 13;Bibliography;127 14;Appendix;136
Striewe, Nicolai C.
| ISBN | 9783658116194 |
|---|---|
| Artikelnummer | 9783658116194 |
| Medientyp | E-Book - PDF |
| Copyrightjahr | 2015 |
| Verlag | Springer Gabler |
| Umfang | 141 Seiten |
| Sprache | Englisch |
| Kopierschutz | Digitales Wasserzeichen |
