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[其他] 2003 房地产投资信托:结构、绩效与投资机会(英文原版) [推广有奖]

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viker 发表于 2010-12-4 17:20:42 |显示全部楼层 |坛友微信交流群
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2003 房地产投资信托:结构、绩效与投资机会(英文原版)Real Estate Investment Trusts:Structure, Performance and Investment Opportunities


发布报告的机构名称: Oxford University Press
报告发布时间:2003
报告页数:305页。
报告的文件格式:pdf
报告大小:12.2M
报告目录:

Preface
Acknowledgments  
Chapter 1  Introduction
1.1  Why REITs Deserve Our Attention
1.1.1  Increasing REIT IPO Activities
1.1.2  REITs are Different from Other Stocks
1.2  Bringing the Evidence Together
1.2.1  Survey and Synthesis of Evidence
1.2.2  A Comprehensive Database
1.3  Issues of Interest
1.3.1  Understanding REITs
1.3.2  Managing REITs
1.3.3  Investing in REITs
1.4  Where We are Headed
1.5  A Book for Wiser Decision-Making
1.6  References

Chapter 2  The Origins and Evolution of Real Estate Investment Trusts
2.1  The History of the REIT Concept
2.2  REITs in the 1960s-80s
2.2.1  The 1960s: REITs Attract Investor Attention
2.2.2  The 1970s: Rough Times for REITs
2.2.3  Non-Mortgage REITs During the 1970s
2.2.4  The Tax Reform Act of 1976
2.2.5  The 1980s: A Changing Market Environment
2.2.6  Tax Reform Changes REITs Once More
2.3  The 1990s: Growth and Change - Again
2.3.1  The REIT Boom
2.3.2  Factors in the Growth of the REIT Industry
2.3.3  The REIT Simplification Act and the REIT Modernization Act
2.4  The Modern REIT
2.5  The Future of the REIT Concept
2.6  References

Chapter 3   Organizational Structure  
3.1  The Costs of Being a REIT
3.1.1  Reduced Benefits of Using Debt
3.1.2  Reduced Growth Potential
3.1.3  Conflict of Interest between Shareholders and Managers
3.1.4  The Problem of Market Timing
3.1.5  Conversion Costs
3.2  The Net Effect of the REIT Organizational Form
3.2.1  The Tradeoff between Tax Benefits and Flotation Costs
3.2.2  Changes in Organizational Structure
3.2.3  Whether to Take Advantage of the REIT Structure
3.3  A Comparison with the MLP and Corporation Structures
3.4  New Structures: The UPREIT and DOWNREIT
3.4.1  The Net Effect of the UPREIT and DOWNREIT
3.5  What Have We Learned?
3.6  Will the REIT Structure Survive?
3.7  References

Chapter 4   Advisor Puzzle
4.1  The Evolution
4.2  The Problems with Using External Advisors
4.2.1  The Potential Costs
4.2.1.1  Revenue Allocation
4.2.1.2  Self-dealing
4.2.2  Poor Stock Performance
4.2.3  The Worst Case Scenario: Captive REITs
4.3  The Problem of Using Internal Advisors
4.4  Which One to Use: External or Internal?
4.4.1  Stock Performance
4.4.2  Operating Performance
4.5  Issues Complicated by Compensation Schemes
4.6  What Have We Learned?
4.7  What is the Future Direction?
4.8  References

Chapter 5   REIT Economies of Scale
5.1  Arguments in Favor of Large REITs
5.1.1  Economies of Scale
5.1.2  Other Benefits of Size
5.2  Arguments Against Large REITs
5.3  Net Results of the Evidence
5.3.1  Size and Stock Returns
5.3.2  Size and Stock Performance of REITs
5.3.3  Size and Net Asset Value of REITs
5.3.4  What Can We Conclude?
5.4  The Future of Big Consolidations
5.4.1  Empirical Evidence on REIT Mergers
5.4.2  Merging to Become Bigger?
5.5  What Have We Learned?
5.6  What Does the Future Hold for the Size of REITs?

Chapter 6   The Impact of Institutional Investors
6.1  The Roles of Institutional Investors
6.1.1  Monitoring Management’s Decisions
6.1.2  Setting Stock Prices
6.1.3  The Reputation Effect
6.2  Institutional Investors in the REIT market
6.2.1  Gathering Institutional Data
6.2.2  Institutional Holdings of REIT Stocks
6.2.3  A Note of Caution
6.3  Stock Performance and Institutional Investors
6.3.1  REIT Initial Public Offerings
6.3.2  The Monday Effect
6.3.3  General Performance
6.4  Relationship with Financial Analysts
6.5  Other Kinds of Informed Investors
6.6  What Have We Learned?
6.7  The Future of Institutional Investment in REITs

Chapter 7   Diversification versus Focus
7.1  What the Industry People Say?
7.2  The Function of REIT Managers
7.3  To Diversify or Not to Diversify: The Pros and Cons
7.3.1  Against the Diversification Strategy
7.3.2  For the Diversification Strategy
7.3.3  The Verdict
7.4  Three Related Questions on the Diversification Issue
7.4.1  Is REIT Type Correlated with the Property Market?
7.4.2  Does Property Type Matter in Determining REIT Returns?
7.4.3  Who are the Winners, and Should We Care?
7.5  The New Evidence and a New Argument
7.6  What Have We Learned?
7.7  Conclusions

Chapter 8   Dividends and Debt Policies of REITs
8.1  Constraints on REITs’ Dividend Policies
8.2  No One Seems to Care about the Constraint
8.3  Why REITs Pay Such High Dividends
8.3.1  To Reduce Agency Costs
8.3.2  To Signal Private Information
8.3.3  To Signal the Volatility of Future Cash Flows
8.3.4  To Reduce Information Asymmetry
8.3.5  To Attract Investors
8.4  Constraints on REIT Debt Policies
8.4.1  Arguments Against the Use of Debt
8.4.2  Argument for the Use of Debt
8.5  Practices in the Field
8.5.1  Evidence from the Real Estate Market
8.5.2  Evidence from the REIT Market
8.6  Is There a Consensus View in the Market?
8.6.1  Market Reaction to Announcements by Industrial Firms
8.6.2  Market Reactions to REIT Announcements
8.7  What Have We Learned?
8.8  Conclusions

Chapter 9   REIT Security Offerings
9.1  What Is Unique About REIT IPOs?
9.1.1  Uncertainty About the Value of the Properties
9.1.2  The Buyers of REIT IPOs
9.1.3  The Fund-Like Organizational Structure
9.2  Empirical Evidence on REIT IPOs
9.2.1  Data Collection
9.2.2  IPO Activities
9.2.3  Pricing of REIT IPOs
9.3  Factors Determining the Initial-Day Return
9.3.1  Underwriter and Stock Listing
9.3.2  Institutional Investors
9.3.3  The Distribution Method
9.3.4  Valuation Uncertainty
9.3.5  Fund Duration
9.4  The Changing Nature of REITs: Pre- and Post-1990
9.4.1  Changes in Organizational Structure
9.4.2  Ownership of REIT Shares
9.5  The Lesson We Learned
9.6  Price Performance Following IPOs
9.7  Secondary Offerings of REIT Securities
9.7.1  Secondary-Offering Activities
9.7.2  Performance of REIT SEOs
9.7.3  Which Types of REITs Should Use SEOs?
9.8  Link between IPOs and SEOs
9.9  What Have We Learned?
9.10  Conclusions

Chapter 10   The Performance of REIT Stocks
10.1  REIT Stocks and Unsecuritized Real Estate
10.1.1  Common Factors
10.1.2  Unique Factors
10.1.3  Is There a General Consensus?
10.1.3.1  Evidence for Integration
10.1.3.2  Evidence for Partial or No Integration
10.1.4  Is There a Compromise?
10.2  The Risk and Return Characteristics of REITs
10.2.1  REIT Stocks versus the Stock Market
10.2.1.1  The General Trend of the Evidence
10.2.1.2  Performance by Subperiod
10.2.1.3  Overall REIT Performance
10.2.2  REITs and Asset Type
10.2.3  Market Factors Affecting REIT Stocks
10.2.4  Interest Rates and Stocks Factors
10.3  Inflation-Hedging and Diversification Benefits
10.3.1  Inflation-Hedging Potential
10.3.2  Diversification Potential
10.4  Other Forms of Securitized Real Estate
10.4.1  Relative Performance When Compared to CREFs
10.4.2  Relative Performance When Compared to REOCs
10.4.3  Relative Performance When Compared to Real Estate
10.4.4  The Verdict
10.5  REITs As Growth Stocks
10.5.1  Limitations on Growth
10.5.2  REITs as Income Stocks
10.5.3  Be Wary of REITs with no Growth Potential
10.5.4  What Can We Say about Growth?
10.6  What Have We Learned?
10.7  Conclusions

Chapter 11   The Predictability of the REIT Stock Market
11.1  Possible Reasons for REIT Stock Market Inefficiency
11.2  Evidence of REIT-Return Predictability
11.3  Trading Strategies Based on Predictability
11.4  Trading Strategies Based on Stock Price Reversals
11.5  Momentum Trading in REITs
11.6  What Have We Learned?
11.7  Conclusions

Chapter 12   The Future of REITs
12.1  Why REITs Will Always Stay with Us
12.2  Operating Company Versus Mutual Fund
12.3  Non-Real Estate Products
12.4  The Changes Ahead
12.4.1  Use of Alliances and Joint Ventures
12.4.2  Increased Use of Technology
12.5  Going Private and Increasing Debt Usage
12.6  Globalization of the REIT Concept
12.6.1  Domestic REITs Investing Abroad
12.6.2  Adoption of the REIT Concept Abroad
12.7  The Fittest Survive
12.8  Concluding Remarks

Appendix 1  Stock Returns and Performance Index of Publicly Traded REITs (1962-2000 and 2001-2002)
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关键词:房地产投资 投资机会 英文原版 房地产 Organization 原版 房地产 结构 绩效 信托 投资性房地产 房地产市场调查报告 房地产市场分析 房地产营销策划 房地产信托REITs 房地产会计 房地产行业分析

Real Estate Investment Trusts.pdf

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Real Estate Investment Trusts:Structure, Performance and Investment Opportunities

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viker 发表于 2010-12-4 17:27:04 |显示全部楼层 |坛友微信交流群
看到论坛上曾经有人求书,我也想攒点米,新人。

中文版书名:房地产投资信托:结构、绩效与投资机会
作者: (美)约翰·埃里克森 / (美)王诃 / (美)陈淑贤
译者: 刘洪玉 / 黄英
出版社: 经济科学出版社
出版年: 2004-5-1
页数: 293
ISBN: 9787505840577

    目前在美国大约有200家上市的房地产投资信托(REITs)在运行,其权益价值总额大约为1600亿美元。从REITs问世到现大只有一个世纪多一点儿的时间,许多分析家认为,REITs已经被证明是投资者分散其投资组合的有效途径。实际上,REITs的产生,使 许多机构投资者和俱人投资者可以借助一个公司实体进行房地产投资。虽然其交易方式与股票一样,但其市场走向的轨迹常常与股市和方向不同,即在股市总体不景气的时候有很好的表现,而在股市处于牛市阶段时去往往表现出下降的趋势。
  
   本书从如何使 管理者改善其投资决策和REITs经营绩效的角度,对现有与REITs相关的研究成果进行了分析整合。本书的目的在于帮助投资者正确评价REITs。并从中选择出最具投资潜力的REITs ,本书为大众投资者、房地产实践者、规则制定者和房地产与金融学术研究人员提供了现代学者有关REITs的最新研究成果,本书还以为参考文献的方式,列示了大量有关REITs的最新原创性研究成果,为读者提供了一个绝好的了解REITs研究全貌的机会。此外,本书不仅对的发展历史进行了概况性的介绍。而且还讨论了独特投资工具的未来可能发展前景。  

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tt604602 发表于 2010-12-17 15:04:15 |显示全部楼层 |坛友微信交流群
如何才能挣得钱币下载啊,比较麻烦

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viker 发表于 2010-12-23 08:44:41 |显示全部楼层 |坛友微信交流群
3# tt604602 给我发站内消息,告诉我你的邮箱,我发给你吧!

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huangyong0320 在职认证  发表于 2011-6-22 23:19:09 |显示全部楼层 |坛友微信交流群
比较好的资料,先收藏了

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zhongyingy 发表于 2011-10-4 19:26:10 |显示全部楼层 |坛友微信交流群
viker 发表于 2010-12-4 17:27
看到论坛上曾经有人求书,我也想攒点米,新人。

中文版书名:房地产投资信托:结构、绩效与投资机会
中文版书名:房地产投资信托:结构、绩效与投资机会
作者: (美)约翰·埃里克森 / (美)王诃 / (美)陈淑贤
译者: 刘洪玉 / 黄英
出版社: 经济科学出版社
出版年: 2004-5-1
页数: 293
ISBN: 9787505840577

有该书的中文版吗   特别想拜读一下  谢谢

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zhongyingy 发表于 2011-10-4 19:27:22 |显示全部楼层 |坛友微信交流群
viker 发表于 2010-12-4 17:27
看到论坛上曾经有人求书,我也想攒点米,新人。

中文版书名:房地产投资信托:结构、绩效与投资机会
我的邮箱478441858@qq.com.cn    谢谢

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viker 发表于 2011-10-23 22:13:54 |显示全部楼层 |坛友微信交流群
zhongyingy 发表于 2011-10-4 19:26
中文版书名:房地产投资信托:结构、绩效与投资机会
作者: (美)约翰·埃里克森 / (美)王诃 / (美) ...
没有。。你去当当买一本吧。

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学系列之

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很想看这本书,您方便发我邮箱吗?真的万分感谢啊,564931428@qq.com

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