Striewe, Nicolai C.; Rottke, Nico B.; Zietz, Joachim - In: Journal of Real Estate Research 35 (2013) 1, pp. 103-120
The paper examines the impact of the advisor structure on the leverage of 265 US real estate investment trusts (REITs). The study employs panel data for the period 1994 to 2010. Externally advised REITs tend to choose lower leverage, a result which differs from that of Capozza and Seguin (2000)...