Investment and leverage of REITs

• Main Authors: Kuan-Yin Wang, 王冠穎
• Other Authors: Chiu-Ling Lu
• Format: Others
• Language: en_US
• Published: 2007
• Online Access: http://ndltd.ncl.edu.tw/handle/35760501561170057218

碩士 === 元智大學 === 財務金融學系 === 95 === This paper examines the empirical studies to ascertain the relationship between investment and other features such as leverage, maturity, ROA, cash flow, and size of REITs. I find that REITs which have Higher FFO growth ratio associate with greater investment, which means that if management have more cash, they could invest more project. I find that current investment is positively correlated with last-period investment. Finally, the results also show that the estimated coefficient of size is positive. The result means that big firms have greater investment than small firms. I find the relation between investment and ROA is negative in most of REITs, except REOCs. I find the relation between and investment is negative in most of REITs, except Equity REITs. The relation between and investment is negative except REOCs.