REITs as Captive-Financing Affiliates: Impact on Financial Performance

Cheng-Ho Hsieh () and C.F. Sirmans ()
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Cheng-Ho Hsieh: Department of Economics and Finance Louisiana State University-Shreveport One University Place Shreveport, Louisiana 71115, http://www.lsus.edu/econfin/
C.F. Sirmans: Department of Finance University of Connecticut Storrs, Connecticut 06269, http://www.sba.uconn.edu/

Journal of Real Estate Research, 1991, vol. 6, issue 2, 179-190

Abstract: Some real estate investment trusts are created as "captive-financing" affiliates by their sponsors. This creates conflicts of interest between the sponsor/manager and shareholders. Such conflicts could affect the financial performance of the firm. Using data on a sample of REITs, results show that captive-financing REITs' financial performance is on average inferior to that of non-captive REITs.

JEL-codes: L85 (search for similar items in EconPapers)
Date: 1991
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Citations: View citations in EconPapers (11)

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