This study examines the effect of inside debt arising from CEO compensation deferral policies on shadow banking. We construct a parsimonious model that shows that increased bank inside debt leads to increased shadow banking. Using a CEO compensation deferral policy imposed on the Chinese banking...

Collectively, institutional investors hold large ownership stakes in REITs. The traditional view is that institutions are both long-term and passive investors. The financial crisis beginning in 2007 provides an opportunity to analyze the investment choices of institutional investors before,...

In response to the recent financial crisis, the U.S. Government introduced new rules which allow REITs to issue elective stock dividends (ESD) to satisfy their distribution requirements. The goal of these rules was to provide temporary relief to REITs facing cash flow problems. We investigate...

In response to the recent financial crisis, the U.S. Government introduced new rules which allow REITs to issue elective stock dividends, i.e., non-cash dividends, to satisfy their distribution requirements. The purported goal of these rules was to provide temporary relief to REITs facing cash...

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...

Collectively, institutional investors hold large ownership stakes in REITs. The traditional view is that institutions are both long-term and passive investors. The financial crisis beginning in 2007 provides an opportunity to analyze the investment choices of institutional investors before,...