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2009 - 200912010 - 20161
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İndeks: Conference Proceedings Citation Index – Social Science & Humanities (CPCI-SSH) × WoS Q: Q3 ×

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    REITs, Growth Options and Beta
    (Springer New York LLC, 2016-11-08) Tırtıroğlu, Doğan; Nguyen, Thu Ha; Tırtıroǧlu, Ercan; Wee, Tancheng
    Are 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.
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    Turkey and Eurasia: Frontiers of a new geographic imagination
    (Omer Academic Publ House, 2009-03) Aras, Bülent; Fidan, Hakan
    Turkey has adopted a new course in foreign policy toward Eurasia. This article employs the notion of geographic imagination to analyze how Turkish policy-makers have developed a new political rhetoric and foreign policy towards the Eurasian region, specifically Central Asia, the Caucasus and Russia. Turkish policy-makers aim to further Turkey's interests ranging from security, over regional trade, to energy issues in this geography, in addition to creating an environment of cooperation and eliminating regional power constellations. We conclude that Turkey's renewed activism has opened new horizons for its relations in this region and that this new foreign policy orientation is linked to reform and change in Turkey's domestic landscape.