The Determinants of the Debt Maturity Decision for Real Estate Investment Trusts

Michael J. Highfield (), Kenneth D. Roskelley () and Fang Zhao
Additional contact information
Michael J. Highfield: Mississippi State University Mississippi State, MS 39762-9580
Kenneth D. Roskelley: Louisiana Tech University Ruston, LA 71272-0046
Fang Zhao: Siena College, Loudonville, NY 12211-1462

Journal of Real Estate Research, 2007, vol. 29, issue 2, pages 173-200

Abstract: This research uses the maturity of incremental bond issues and the weighted-average maturity of all outstanding debt and tests various theories from the corporate debt maturity literature to discover if real estate investment trust (REIT) debt maturity is influenced by liquidity risk, asymmetric information, personal taxes, and agency problems. The findings reveal that there is little to no evidence for the liquidity and asymmetric information hypotheses; however, there is evidence that personal taxes influence the maturity of REIT incremental debt issues, and agency problems play a role in determining the incremental and average debt maturity of REITs

JEL-codes: L85 (search for similar items in EconPapers)
Date: 2007
View list of references

Downloads: (external link)
http://aux.zicklin.baruch.cuny.edu/jrer/papers/pdf/past/vol29n02/04.173_200.pdf Full text (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: http://EconPapers.repec.org/RePEc:jre:issued:v:29:n:2:2007:p:173-200

Ordering information: This journal article can be ordered from
Diane Quarles American Real Estate Society Manager of Member Services Clemson University Box 341323 Clemson, SC 29634-1323
http://aux.zicklin.b ... u/jrer/about/get.htm

Access Statistics for this article

Journal of Real Estate Research is edited by Dr. Ko Wang

More articles in Journal of Real Estate Research from American Real Estate Society
Address: American Real Estate Society Clemson University School of Business & Behavioral Science Department of Finance 401 Sirrine Hall Clemson, SC 29634-1323
Series data maintained by JRER Graduate Assistant/Webmaster ().