We explore the interdependence of investment and financing choices in US listed Real Estate Investment Trusts (REITs) in the period 1973-2011. We find that the investment and financing choices of REITs are interdependent, but they are not made simultaneously. Our results suggest that investment determines leverage, but leverage has no apparent effect on investment decisions. The fundamental rol...

The literature provides conflicting assessments about firms’ leverage decisions. We argue that econometric mis-specifications have influenced many past conclusions, because the estimated regression models implicitly impose strong, but unwarranted, assumptions on the data. This study estimates a partial-adjustment model for a firm’s leverage decision. Our model recognizes that a firm’s target ca...

weather and climate parameters and their effects on crops, is one of the most effective factors in yield increase. agro-climatic studies could be used to determine the potential of various regions and the exploit these resources to the maximum possible extent. in this study, in order to evaluate the agricultural climate of spring canola cultivation in selected stations in hamedan province, the ...

this research applies and compares the market leverage lally method, ibbotson and sinquefield method and siegel method, to present alternative measures for market risk premium (mrp) estimation and test forecasting power of these methods in calculating expected rate of return. the higher level of leverage implies greater risk of investment in a specified stock, so higher return is expected by in...

INTRODUCTION Treat-to-target (T2T) strategies using a protocol of pre-defined adjustments of disease-modifying anti-rheumatic drugs (DMARDs) according to disease activity improve outcomes for patients with rheumatoid arthritis (RA). However, successful implementation may be limited by deviations from the protocol. The aim of this study was to determine the prevalence of protocol deviation, expl...

We study the impact of higher bank capital requirements on corporate lending spreads using granular bank- and loan-level data. Our empirical strategy employs heterogeneity in across banks time implementation Switzerland. find that changes deviation from regulatory minimum affect asymmetrically. In response to a reduction deviation, with deficits respect their risk-weighted requirement raise rel...

A firm’s current leverage ratio is one of the core characteristics of credit quality used in statistical default prediction models. Based on the capital structure literature, which shows that leverage is mean-reverting to a target leverage, we forecast future leverage ratios and include them in the set of default risk drivers. The analysis is done with a discrete duration model. Out-of-sample a...

Sun, Titman, and Twite (2014) find that risky capital structure characteristics, such as high leverage, a high share of debt due in the near future and a high share of variable-rate debt, significantly reduce the cumulative total returns of US REITs over the 2007-2009 financial crisis. In this paper we show that preparing ahead of the crisis significantly improved the cumulative return over the...