Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/127095
Authors: 
Chen, Dong
Gao, Yanmin
Kaul, Mayank
Leung, Charles Ka Yui
Tsang, Desmond
Year of Publication: 
2015
Series/Report no.: 
ISER Discussion Paper, Institute of Social and Economic Research, Osaka University 920
Abstract: 
This paper studies how the presence of sponsor and external management affect leverage and debt maturity decisions in three major Asian-Pacific REIT markets: Australia, Japan and Singapore. Our empirical results indicate that sponsored REITs opt for higher levels of leverage and loans with longer maturity. On the contrary, externally managed REITs are associated with lower leverage and loans with shorter maturity. Our results are robust to the inclusion of other firm variables and to alternative specifications. Subsequent to the financial crisis, the impact of sponsorship on debt financing decisions has diminished, and borrowing of externally managed REITs is further constrained.
Subjects: 
Asian-Pacific REIT markets
capital structure
debt maturity
simultaneous equation modelling
financial crisis
JEL: 
F30
G10
R30
Document Type: 
Working Paper

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