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)