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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 1Introduction
1.1Why REITs Deserve Our Attention
1.1.1Increasing REIT IPO Activities
1.1.2REITs are Different from Other Stocks
1.2Bringing the Evidence Together
1.2.1Survey and Synthesis of Evidence
1.2.2A Comprehensive Database
1.3Issues of Interest
1.3.1Understanding REITs
1.3.2Managing REITs
1.3.3Investing in REITs
1.4Where We are Headed
1.5A Book for Wiser Decision-Making
1.6References
Chapter 2The Origins and Evolution of Real Estate Investment Trusts
2.1The History of the REIT Concept
2.2REITs in the 1960s-80s
2.2.1The 1960s: REITs Attract Investor Attention
2.2.2The 1970s: Rough Times for REITs
2.2.3Non-Mortgage REITs During the 1970s
2.2.4The Tax Reform Act of 1976
2.2.5The 1980s: A Changing Market Environment
2.2.6Tax Reform Changes REITs Once More
2.3The 1990s: Growth and Change - Again
2.3.1The REIT Boom
2.3.2Factors in the Growth of the REIT Industry
2.3.3The REIT Simplification Act and the REIT Modernization Act
2.4The Modern REIT
2.5The Future of the REIT Concept
2.6References
Chapter 3 Organizational Structure
3.1The Costs of Being a REIT
3.1.1Reduced Benefits of Using Debt
3.1.2Reduced Growth Potential
3.1.3Conflict of Interest between Shareholders and Managers
3.1.4The Problem of Market Timing
3.1.5Conversion Costs
3.2The Net Effect of the REIT Organizational Form
3.2.1The Tradeoff between Tax Benefits and Flotation Costs
3.2.2Changes in Organizational Structure
3.2.3Whether to Take Advantage of the REIT Structure
3.3A Comparison with the MLP and Corporation Structures
3.4New Structures: The UPREIT and DOWNREIT
3.4.1The Net Effect of the UPREIT and DOWNREIT
3.5What Have We Learned?
3.6Will the REIT Structure Survive?
3.7References
Chapter 4 Advisor Puzzle
4.1The Evolution
4.2The Problems with Using External Advisors
4.2.1The Potential Costs
4.2.1.1Revenue Allocation
4.2.1.2Self-dealing
4.2.2Poor Stock Performance
4.2.3The Worst Case Scenario: Captive REITs
4.3The Problem of Using Internal Advisors
4.4Which One to Use: External or Internal?
4.4.1Stock Performance
4.4.2Operating Performance
4.5Issues Complicated by Compensation Schemes
4.6What Have We Learned?
4.7What is the Future Direction?
4.8References
Chapter 5 REIT Economies of Scale
5.1Arguments in Favor of Large REITs
5.1.1Economies of Scale
5.1.2Other Benefits of Size
5.2Arguments Against Large REITs
5.3Net Results of the Evidence
5.3.1Size and Stock Returns
5.3.2Size and Stock Performance of REITs
5.3.3Size and Net Asset Value of REITs
5.3.4What Can We Conclude?
5.4The Future of Big Consolidations
5.4.1Empirical Evidence on REIT Mergers
5.4.2Merging to Become Bigger?
5.5What Have We Learned?
5.6What Does the Future Hold for the Size of REITs?
Chapter 6 The Impact of Institutional Investors
6.1The Roles of Institutional Investors
6.1.1Monitoring Management’s Decisions
6.1.2Setting Stock Prices
6.1.3The Reputation Effect
6.2Institutional Investors in the REIT market
6.2.1Gathering Institutional Data
6.2.2Institutional Holdings of REIT Stocks
6.2.3A Note of Caution
6.3Stock Performance and Institutional Investors
6.3.1REIT Initial Public Offerings
6.3.2The Monday Effect
6.3.3General Performance
6.4Relationship with Financial Analysts
6.5Other Kinds of Informed Investors
6.6What Have We Learned?
6.7The Future of Institutional Investment in REITs
Chapter 7 Diversification versus Focus
7.1What the Industry People Say?
7.2The Function of REIT Managers
7.3To Diversify or Not to Diversify: The Pros and Cons
7.3.1Against the Diversification Strategy
7.3.2For the Diversification Strategy
7.3.3The Verdict
7.4Three Related Questions on the Diversification Issue
7.4.1Is REIT Type Correlated with the Property Market?
7.4.2Does Property Type Matter in Determining REIT Returns?
7.4.3Who are the Winners, and Should We Care?
7.5The New Evidence and a New Argument
7.6What Have We Learned?
7.7Conclusions
Chapter 8 Dividends and Debt Policies of REITs
8.1Constraints on REITs’ Dividend Policies
8.2No One Seems to Care about the Constraint
8.3Why REITs Pay Such High Dividends
8.3.1To Reduce Agency Costs
8.3.2To Signal Private Information
8.3.3To Signal the Volatility of Future Cash Flows
8.3.4To Reduce Information Asymmetry
8.3.5To Attract Investors
8.4Constraints on REIT Debt Policies
8.4.1Arguments Against the Use of Debt
8.4.2Argument for the Use of Debt
8.5Practices in the Field
8.5.1Evidence from the Real Estate Market
8.5.2Evidence from the REIT Market
8.6Is There a Consensus View in the Market?
8.6.1Market Reaction to Announcements by Industrial Firms
8.6.2Market Reactions to REIT Announcements
8.7What Have We Learned?
8.8Conclusions
Chapter 9 REIT Security Offerings
9.1What Is Unique About REIT IPOs?
9.1.1Uncertainty About the Value of the Properties
9.1.2The Buyers of REIT IPOs
9.1.3The Fund-Like Organizational Structure
9.2Empirical Evidence on REIT IPOs
9.2.1Data Collection
9.2.2IPO Activities
9.2.3Pricing of REIT IPOs
9.3Factors Determining the Initial-Day Return
9.3.1Underwriter and Stock Listing
9.3.2Institutional Investors
9.3.3The Distribution Method
9.3.4Valuation Uncertainty
9.3.5Fund Duration
9.4The Changing Nature of REITs: Pre- and Post-1990
9.4.1Changes in Organizational Structure
9.4.2Ownership of REIT Shares
9.5The Lesson We Learned
9.6Price Performance Following IPOs
9.7Secondary Offerings of REIT Securities
9.7.1Secondary-Offering Activities
9.7.2Performance of REIT SEOs
9.7.3Which Types of REITs Should Use SEOs?
9.8Link between IPOs and SEOs
9.9What Have We Learned?
9.10Conclusions
Chapter 10 The Performance of REIT Stocks
10.1REIT Stocks and Unsecuritized Real Estate
10.1.1Common Factors
10.1.2Unique Factors
10.1.3Is There a General Consensus?
10.1.3.1Evidence for Integration
10.1.3.2Evidence for Partial or No Integration
10.1.4Is There a Compromise?
10.2The Risk and Return Characteristics of REITs
10.2.1REIT Stocks versus the Stock Market
10.2.1.1The General Trend of the Evidence
10.2.1.2Performance by Subperiod
10.2.1.3Overall REIT Performance
10.2.2REITs and Asset Type
10.2.3Market Factors Affecting REIT Stocks
10.2.4Interest Rates and Stocks Factors
10.3Inflation-Hedging and Diversification Benefits
10.3.1Inflation-Hedging Potential
10.3.2Diversification Potential
10.4Other Forms of Securitized Real Estate
10.4.1Relative Performance When Compared to CREFs
10.4.2Relative Performance When Compared to REOCs
10.4.3Relative Performance When Compared to Real Estate
10.4.4The Verdict
10.5REITs As Growth Stocks
10.5.1Limitations on Growth
10.5.2REITs as Income Stocks
10.5.3Be Wary of REITs with no Growth Potential
10.5.4What Can We Say about Growth?
10.6What Have We Learned?
10.7Conclusions
Chapter 11 The Predictability of the REIT Stock Market
11.1Possible Reasons for REIT Stock Market Inefficiency
11.2Evidence of REIT-Return Predictability
11.3Trading Strategies Based on Predictability
11.4Trading Strategies Based on Stock Price Reversals
11.5Momentum Trading in REITs
11.6What Have We Learned?
11.7Conclusions
Chapter 12 The Future of REITs
12.1Why REITs Will Always Stay with Us
12.2Operating Company Versus Mutual Fund
12.3Non-Real Estate Products
12.4The Changes Ahead
12.4.1Use of Alliances and Joint Ventures
12.4.2Increased Use of Technology
12.5Going Private and Increasing Debt Usage
12.6Globalization of the REIT Concept
12.6.1Domestic REITs Investing Abroad
12.6.2Adoption of the REIT Concept Abroad
12.7The Fittest Survive
12.8Concluding Remarks
Appendix 1Stock Returns and Performance Index of Publicly Traded REITs (1962-2000 and 2001-2002)