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The impact of underpricing of the default risk on investment: Evidence from Real Estate Investment Trusts (REITs)
KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Banking and Finance.ORCID iD: 0000-0002-3384-7166
(English)Manuscript (preprint) (Other academic)
Abstract [en]

This study examines the impact of underpriced default risk on investment in the real estate investment trust (REIT) sector, where firms’ investment is highly sensitive to changes in credit market conditions. The findings reveal that REITs exploiting underpriced default risk have a higher level of investment than their peers because the former can access low-cost capital. Moreover, exploiting the underpriced default risk is specific to not only REITs but also to the whole real estate investment sector. In contrast, underpriced default risk has an insignificant impact on investment of non-real estate firms because non-recourse loans are unpopular in these firms.

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Economics and Business
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URN: urn:nbn:se:kth:diva-262847OAI: oai:DiVA.org:kth-262847DiVA, id: diva2:1362864
Available from: 2019-10-21 Created: 2019-10-21Bibliographically approved

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fulltext(613 kB)30 downloads
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Steininger, Bertram I.
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CiteExportLink to record
Permanent link

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Cite
Citation style
  • apa
  • ieee
  • modern-language-association-8th-edition
  • vancouver
  • Other style
More styles
Language
  • de-DE
  • en-GB
  • en-US
  • fi-FI
  • nn-NO
  • nn-NB
  • sv-SE
  • Other locale
More languages
Output format
  • html
  • text
  • asciidoc
  • rtf