REIT Leverage and Return Performance: Keep Your Eye on the Target
研究了美国REIT的杠杆决策对风险和回报的影响，发现REIT每年以17%的速度向目标杠杆调整，高杠杆REIT相对平均表现差，但相对目标杠杆高则风险调整后表现更好。
Abstract This article examines U.S. REIT leverage decisions and their effects on risk and return. We find that the speed at which REITs close the gap between current debt levels and target leverage levels is 17% annually. REITs that are highly levered relative to the average REIT tend to underperform REITs with less debt in their capital structure. However, REITs that are highly levered relative to their target leverage tend to perform better on a risk‐adjusted basis than under‐levered REITs. Taken together, our results show that REIT leverage has significant return performance effects conditional on deviations from target leverage.