Wall Street versus main street: valuing securitized assets
University of Michigan, 1995 - Business & Economics - 262 pages
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advisor agency costs agency theory asset value AVG 19A AVG book values capital gains capital structure capital structure theory capitalization rate carrying debt cash flow chapter closed-end fund closed-end mutual funds diversified REITs dividends empirical equity REITs Estate Investment Trusts estimated F-value F0VAAUE Financial Economics financial leverage G&A expense ratio incentive interest expenses January effect Jensen's alpha large REITs leverage effect liabilities LNTAST Main Street valuation managers market liquidity natural logarithm negative OCCRATE occupancy rates operating leverage ownership period portfolio invested possible valuation errors Prob properties a REIT property type property-type PUBLIC STORAGE PROPERTIES quartile quartile leverage ratio real estate Real Estate Investment REIT industry REIT premiums REIT shares REIT's Second Stage Regression shareholders small firm effect small REITs Stage Regression Results total assets unrealized capital appreciation value of properties value of REIT volume of trade weighted average capitalization yearly dummy variables