REITs, Growth Options and Beta

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dc.authorid0000-0002-0302-2403
dc.contributor.authorTırtıroğlu, Doğanen_US
dc.contributor.authorNguyen, Thu Haen_US
dc.contributor.authorTırtıroǧlu, Ercanen_US
dc.contributor.authorWee, Tanchengen_US
dc.date.accessioned2016-12-27T08:17:37Z
dc.date.available2016-12-27T08:17:37Z
dc.date.issued2016-11-08
dc.departmentIşık Üniversitesi, İktisadi ve İdari Bilimler Fakültesi, İşletme Bölümüen_US
dc.departmentIşık University, Faculty of Economics and Administrative Sciences, Department of Managementen_US
dc.description.abstractAre REITs income stocks, only? Following Myers (1977) and Bernardo et al. (2007), we examine empirically REITs’ unlevered betas, betas of growth options, betas of assets-in-place and the difference between the latter two in detail for 1983–2012, and also for three sequential, distinct, and mutually-exclusive REIT sub-periods. We find that, (i) the betas of growth options are larger than those of assets-in-place, (ii) there are differences in these betas across Equity REITs’ sub-sectors and sub-periods, (iii) REITs with a high growth profile tend to employ more short-term debt and are mainly listed on NASDAQ, and (iv) the Global Financial Crisis has influenced considerably the beta estimates across all sub-sectors and REIT types. These findings raise a question mark about the ‘income stock, only’ description of REITs. Our findings have important implications for the cost of capital of REITs and their capital budgeting practices. We discuss them, when appropriate, with numerical examples.en_US
dc.description.versionPublisher's Versionen_US
dc.identifier.citationTırtıroğlu, D., Nguyen, T. H., Tırtıroğlu, E., & Wee, T. C. (2017). REITs, growth options and beta. The Journal of Real Estate Finance and Economics, 55(3), 370-394. doi:10.1007/s11146-016-9590-zen_US
dc.identifier.doi10.1007/s11146-016-9590-z
dc.identifier.endpage394
dc.identifier.issn0895-5638
dc.identifier.issn1573-045X
dc.identifier.issue3
dc.identifier.scopus2-s2.0-84994475772
dc.identifier.scopusqualityQ1
dc.identifier.startpage370
dc.identifier.urihttps://hdl.handle.net/11729/1158
dc.identifier.urihttp://dx.doi.org/10.1007/s11146-016-9590-z
dc.identifier.volume55
dc.identifier.wosWOS:000409979000005
dc.identifier.wosqualityQ3
dc.indekslendigikaynakWeb of Scienceen_US
dc.indekslendigikaynakScopusen_US
dc.indekslendigikaynakSocial Sciences Citation Index (SSCI)en_US
dc.indekslendigikaynakConference Proceedings Citation Index – Social Science & Humanities (CPCI-SSH)en_US
dc.institutionauthorTırtıroğlu, Doğanen_US
dc.institutionauthorid0000-0002-0302-2403
dc.language.isoenen_US
dc.peerreviewedYesen_US
dc.publicationstatusPublisheden_US
dc.publisherSpringer New York LLCen_US
dc.relation.ispartofJournal of Real Estate Finance and Economicsen_US
dc.relation.publicationcategoryMakale - Uluslararası Hakemli Dergi - Kurum Öğretim Elemanıen_US
dc.rightsinfo:eu-repo/semantics/closedAccessen_US
dc.subjectAssets-in-placeen_US
dc.subjectBetaen_US
dc.subjectCost of capitalen_US
dc.subjectGrowth optionen_US
dc.subjectREIT Maturity Eraen_US
dc.subjectREITsen_US
dc.subjectAsset price dynamicsen_US
dc.subjectCorporate-investmenten_US
dc.subjectSystemaic-risken_US
dc.subjectCross-sectionen_US
dc.subjectReturnsen_US
dc.subjectDurationen_US
dc.subjectEquityen_US
dc.titleREITs, Growth Options and Betaen_US
dc.typeArticleen_US
dspace.entity.typePublication

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