Dividend Policies and Dividend Announcement Effects for Real Estate Investment Trusts
研究发现房地产投资信托（REITs）的股利支付常超出税收规定，支持代理成本理论对股利政策的解释，并指出股票市场对权益型和抵押型REITs的股利公告反应不同。
Previous research on real estate investment trusts (REITs) assumes that their dividend policies are determined solely by tax regulations. We observe, however, that REITs often pay out more dividends than are required by tax rules. This paper examines the dividend policies of REITs by drawing inferences from agency‐cost theory and tests for the determinants of REIT dividend payout ratios. The study also considers whether the stock market responds differently to the dividend announcement effects of equity and mortgage REITs based on asymmetric information. Our results support agency‐cost explanations for dividend policy and suggest a differential announcement effect.