Credit Ratings and Real Estate Investment Trusts

Abstract

My dissertation consists of three essays in the areas of real estate and corporate finance, with a particular focus on REITs and credit ratings. The research focus of my thesis is on the relation between corporate management and their credit ratings, as well as the real effects of credit ratings. First, I study how credit ratings affect REIT capital structure decision. Second, I examine how REIT property management decisions affect their credit ratings. Third, I study why do conventional firms initiate unfavorable (i.e., speculative-grade) ratings and what do they gain from such decisions.