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dc.contributor.authorD. Shilling, James
dc.contributor.authorChung, Richard
dc.contributor.authorFung, Scott
dc.contributor.authorX. Simmons⿐Mosley, Tammie
dc.contributor.editorPiet Eichholtz
dc.date.accessioned2017-05-03T14:57:10Z
dc.date.available2017-05-03T14:57:10Z
dc.date.issued2011
dc.date.modified2012-08-26T23:18:26Z
dc.identifier.urihttp://hdl.handle.net/10072/46531
dc.description.abstractA strong argument can be made that we have just witnessed perhaps the greatest test the REIT industry will ever face in terms of survival. REITs were mired in debt and troubles in late 2008 and early 2009. However, in 2009 the industry as a whole was able to raise over $30 billion in secondary offering, unsecured debt financings, and IPOs the most equity the REIT industry has ever raised in any one year in REIT history other than 1997. Statistically, then, we should be able to use whether REITs were able to access capital in 2009 as a survivor test. Long-term survivors and winners would be those REITs able to raise capital and the losers would be those REITs unable to gain access to new capital. In turn, we should be able use this data to test whether good corporate REIT governance is correlated with firm survivorship. Further, we should be able to use these results to look back at previous years to determine whether investors are prone to errors in terms of differentiating REITs by type of survivorship. We propose different empirical metrics (including corporate governance, stock price synchronicity, transparency, liquidity, and volatility) in identifying long-run survivorship and resiliency against financial crises and fears. We then use the above metrics and recent crises as the natural experiment in testing various implications of survivorship, including: the probability of external financing, post-equity offering performances, managerial incentives, and stock markets ability to distinguish long-term survivors and winners.
dc.description.publicationstatusYes
dc.languageEnglish
dc.publisherNo data provided
dc.publisher.place?
dc.publisher.urihttp://www.areuea.org/conferences/details.phtml?id=86
dc.publisher.urihttp://papers.ssrn.com/sol3/papers.cfm?abstract_id=1717002
dc.relation.ispartofstudentpublicationN
dc.relation.ispartofconferencename46th AREUEA Annual Conference
dc.relation.ispartofconferencetitle46th AREUEA Annual Conference: REITs: Corporate Finance (G3)
dc.relation.ispartofdatefrom2011-01-07
dc.relation.ispartofdateto2011-01-09
dc.relation.ispartoflocationDenver, Colorado
dc.rights.retentionY
dc.subject.fieldofresearchFinance
dc.subject.fieldofresearchcode150201
dc.titleREIT Resiliency and Corporate Governance
dc.typeConference output
dc.type.descriptionE2 - Conferences (Non Refereed)
dc.type.codeE - Conference Publications
gro.date.issued2011
gro.hasfulltextNo Full Text
gro.griffith.authorChung, Richard Yiu-Ming


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    Contains papers delivered by Griffith authors at national and international conferences.

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