Capital Structure and the Cost of Capital for Untaxed Firms: The Case of REITs
利用房地产投资信托基金（REITs）免缴公司所得税的特点，研究资本结构与资本成本的关系，发现杠杆客户效应是REITs使用财务杠杆的动机。
REITs offer the opportunity to examine the relationship between capital structure and cost of capital in the absence of corporate earnings taxes. The evidence supports the leverage clientele effect as the motivation for the use of financial leverage by REITs.