An Analysis of REIT Security Issuance Decisions
研究了1997至2006年间房地产投资信托的证券发行决策，发现市场时机理论能很好解释其股权发行行为，即当股价相对净资产价值较高时更倾向发行股权，同时破产成本高时减少债务发行。
This article tests the ability of traditional capital structure theories to explain the issuance decisions of real estate investment trusts (REITs). For issuances made between 1997 and 2006, we find strong support for the market timing theory of capital structure. Controlling for past returns and growth, a REIT is more likely to issue equity when its price-to–net asset value ratio is high. This suggests that REITs issue equity in public markets when the cost of equity capital is lower in the public market than in the private market. Consistent with traditional market timing, REITs are more likely to issue equity after experiencing large price increases. We also find some support for REITs following the trade-off theory of capital structure. REITs are less likely to issue debt when proxies for expected bankruptcy costs are high.