Please use this identifier to cite or link to this item: http://scholarbank.nus.edu.sg/handle/10635/27804
Title: Market timing and REIT capital structure changes
Authors: LI YING (HT040939B)
Keywords: REITs, market timing, capital structure
Issue Date: 24-Apr-2007
Source: LI YING (HT040939B) (2007-04-24). Market timing and REIT capital structure changes. ScholarBank@NUS Repository.
Abstract: This study seeks to determine if REIT equity and debt offerings depend on capital market conditions. The VAR model is used to analyze the relationship between capital issues of REITs and relevant capital market conditions.In addition,two different hypotheses of market timing are tested.Further, the security choice of REITs between different capital structure theories-trade-off theory, pecking order theory and market timing theory are examined. The empirical results from 1980 through 2004 support market timing in REIT equity and debt issues.While the evidence from the security choice analysis largely favors the market timing theory, some support is also established for the trade-off and pecking order theories. It is concluded that no single theory could fully explain the capital structure of REITs.
URI: http://scholarbank.nus.edu.sg/handle/10635/27804
Appears in Collections:Master's Theses (Open)

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