房地產(chǎn)投資信托的資金結(jié)構(gòu)【外文翻譯】-其他專業(yè)-全文預(yù)覽
【正文】 ive relation between markettobook and leverage. Data and Summary Statistics Our study includes REITs that went IPO during 1991–2021 and for which all accounting and firm specific information required for analyses are available in the SNL database. Staring with the IPO date as a fixed starting point when managers decide on a particular capital structure, we investigate how capital structure changes over time. As noted by Baker and Wurgler (2021), the financing decision at IPO time is known to be related to the markettobook We collect each firm‘s financial information, including total debt, total equity, total assets, total revenue, ine, depreciation, dividend amount, total investment in real estate, stock price, and the total number of shares outstanding. Table 2 shows the number of REITs inSNL database that went IPO between 1991–2021, and number of REITs in the final sample by IPO year and calendar year. Most of the REITs have accounting and financing information 1 year prior to the year of interest, and hence are included in the analysis to investigate the short term impact of markettobook on leverage ratio. However, missing values reduce the sample size when we test the longterm relationship between markettobook and leverage ratios. This limits the scope and interpretation of our results somewhat. As shown in panel A of Table 2, the number of REITs in the sample is only four in 1992. The IPO activity picks up between 1994 and 1996 when the sample size jumps to 83 and then stabilizes at 108 in 2021. That most firms survived during the entire period under study is apparent in the low attrition reported in panel B By the tenth year after IPO, as many as 30 of the original 33 REITs remained in the sample. However, as evident in column 2, availability of data is very limited for young IPO firms during the early years of the study. For example, only 68 of the eligible 107 firms have data in the first year after IPO. The proportion is much higher as the firms mature. The measurement of key variables follows standard definitions. Book debt is total assets minus book equity. Book equity is defined as total assets less total liabilities and preferred stock plus deferred taxes and convertible debt. Book leverage is calculated as the ratio of book debt to total assets (D/A). Market equity is the product of number of shares outstanding and the stock price. Market leverage is book debt divided by total assets minus book equity plus market equity. Previous studies have employed both measures of leverage ratio. Myers (1977), however, notes that market values incorporate the value of the call option on the firm‘s future ?growth opportunities.‘ Debt issued against these values can distort future real investment decisions. Indeed, anecdotal evidence suggests that in practice, managers tend to calculate debt ratios using book Additionally, we investigate the impact of investment opportunities on leverage ratios. Titman and Wessels (1988) and Fama and French (2021) suggest that a negative relationship between market leverage and investment opportunities may simply be a manifestation of better investment producing higher market values, rather than the workings of tradeoff and pecking order models. Nevertheless, we use market leverage where appropriate to make our results parable to extant evidence. Source: Zhilan Feng, Chinmoy Ghosh, C. F. Sirmans, 2021. ―On the capital structure of real estate investment‖. Journal of Real Estate Finance and Economics, , , –105. 譯文：
畢業(yè)設(shè)計相關(guān)推薦
鄂ICP備17016276號-1