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fbtwitterlinkedinvimeoflicker grey 14rssslideshare1
Languages: English
Types: Doctoral thesis
Subjects: HG
This thesis examines macroeconomic and company specific factors that determines the\ud long-term growth rate of Real Estate Investment Trusts (REITs). The study employs\ud quarterly panel data of 229 US REITs for the period of 199201 to 201104 resulting in 7,140\ud observations. The analysis applies the firm fixed effects estimator and variance\ud decompositions. The long-term growth rate is found to be positively related to inflation,\ud valuation effects, performance and size; and negatively related to economic growth and\ud profitability. The study identifies economic growth (among macroeconomic factors) and size\ud (among company specific factors) the most important influences on the long-term growth\ud rate of US REITs. The study further provides information that the market determined an\ud average long-term growth of 0.4% on a quarterly basis in the period under observation.
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