How Does Corporate Governance Affect the Quality of Investor Information? The Curious Case of REITs

Paul Anglin, Robert Edelstein (), Yanmin Gao () and Desmond Tsang ()
Additional contact information
Robert Edelstein: University of California at Berkeley
Yanmin Gao: University of Alberta
Desmond Tsang: McGill University

Journal of Real Estate Research, 2011, vol. 33, issue 1, 1-24

Abstract: Recent research suggests that the unique legal and organizational structure of REITs, relative to other types of corporations, may vitiate the need for and the effectiveness of internal corporate governance. Our results indicate that information asymmetry, as measured by the percentage bid-ask spreads demanded by the market, is reduced by appropriately structured REIT governance. Using data during the 2003-2006 period, we find that increasing the financial incentives for board members reduces asymmetric information, and that the combination of experienced board members and independent audit committees with financial expertise diminishes asymmetric information.

JEL-codes: L85 (search for similar items in EconPapers)
Date: 2011
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (10)

Downloads: (external link)
http://pages.jh.edu/jrer/papers/pdf/past/vol33n01/01.1_24.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: https://EconPapers.repec.org/RePEc:jre:issued:v:33:n:1:2011:p:1-24

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://pages.jh.edu/jrer/about/get.htm

Access Statistics for this article

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

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