Focus, transparency and value: The REIT evidence

Real Estate Economics

Volumn 27, Issue 4, 1999, Pages 587-619

  Capozza, Dennis R ^a   Seguin, Paul J ^b  

^a UNIVERSITY OF MICHIGAN   (United States)

^b UNIVERSITY OF MINNESOTA   (United States)

Author keywords

[No Author keywords available]

Indexed keywords

EID: 0039938664     PISSN: 10808620     EISSN: None     Source Type: Journal    
DOI: 10.1111/1540-6229.00785     Document Type: Article

References (35)

1. Amey, L., 1964. Diversified Manufacturing Businesses. Journal of the Royal Statistical Society 127: 251-290.
2. Amihud, Y. and H. Mendelson. 1988. Liquidity and Asset Prices: Financial Management Implications. Financial Management 88(Spring): 5-15.
3. Amit, R. and J. Livnat. 1988. Diversification, Capital Structure, and Systematic Risk: An Empirical Investigation. Strategic Management Journal 9: 99-110.
4. Bass, F., P. Cattin and D. Wittink. 1978. Firm Effects and Industry Effects in the Analysis of Market Structure and Profitability. Journal of Marketing Research 15: 3-10.
5. Berger, P. and E. Ofek. 1995. Diversification's Effect on Firm Value, Journal of Financial Economics 37: 39-65.
6. Berry, C. 1971. Corporate Growth and Diversification. Journal of Law and Economics 14: 371-383.
7. Boyle, S. 1970. Pre-merger Growth and Profit Characteristics of Large Conglomerate Mergers in the United States 1948-1968. St. John's Law Review 44: 152-170.
8. Capozza, D.R. and S. Lee. 1995. Property Type, Size and REIT Value. Journal of Real Estate Research 10(4): 363-380.
9. Capozza, D.R. and P. Seguin. 1998. Managerial Style and Firm Value. Real Estate Economics 26(1): 131-150.
10. Comment, R. and G. Jarrell. 1995. Corporate Focus and Stock Returns. Journal of Financial Economics 37: 67-87.
11. Corgel, J.B., W. McIntosh and S.H. Ott. 1995. Real Estate Investment Trusts: A Review of the Financial Economics Literature. Journal of Real Estate Literature 3: 13-46.
12. Day, G. 1977. Diagnosing the Product Portfolio. Journal of Marketing 41: 29-38.
13. Didrichsen, J. 1972. The Development of Diversified and Conglomerate Firms in the United States. Business History Review 46: 202-219.
14. Ferris, S.P. and A. Sarin. 1997. Security Analysis and Corporate Diversification. Unpublished working paper. University of Santa Clara: Santa Clara, CA.
15. Gorecki, P. 1975. An Inter-industry Analysis of Diversification in the U.K. Manufacturing Sector. Journal of Industrial Economics 24: 131-146.
16. Gorecki, P. 1980. A Problem of Measurement from Plants to Enterprises in the Analysis of Diversification: A Note. Journal of Industrial Economics 28: 327-334.
17. Hako, B. 1972. Strategies for Diversification. Long Range Planning 5: 65-69.
18. Harris, M., C. Kriebel and A. Raviv. 1982. Asymmetric Information, Incentives and Intrafirm Resource Allocation. Management Science 28 (6): 602-620.
19. Hedley, B. 1977. Strategy and the Business Portfolio. Long Range Planning 10: 9-15.
20. Hendershott, P. and E. Kane. 1995. US Office Market Values During the Past Decade: How Distorted Have Appraisals Been?" Real Estate Economics 23 (2): 101-116.
21. Ippolito, R. 1989. Efficiency with Costly Information: A Study of Mutual Fund Performance, 1965-1984. Quarterly Journal of Economics 104(1): 1-23.
22. Jensen, M. 1986. Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers. American Economic Review 76(2): 323-329.
23. Lang, L. and R. Stulz. 1994. Tobin's q, Corporate Diversification and Firm Performance. Journal of Political Economy 102: 1248-1280.
24. Lindenberg, E. and S. Ross. 1981. Tobin's q Ratio and Industrial Organization. Journal of Business 54(1): 1-32.
25. Montgomery, C. 1982. The Measurement of Firm Diversification: Some New Evidence. Academy of Management Journal 25: 299-307.
26. Montgomery, C. 1985. Product-Market Diversification and Market Power. Academy of Management Journal 28: 789-798.
27. Montgomery, C. 1994. Corporate Diversification. Journal of Economic Perspectives 8(3): 163-178.
28. Palepu, K. 1985. Diversification Strategy, Profit Performance and the Entropy Measure. Strategic Management Journal 6: 239-255.
29. Petersen, M. and D. Fialkowski. 1994. Posted versus Effective Spreads: Good Prices or Bad Quotes?, Journal of Economics 35(3): 269-292.
30. Prahalad, C. and R. Bettis. 1986. The Dominant Logic: A New Linkage between Diversity and Performance. Strategic Management Journal 7: 485-501.
31. Ravenscraft, D. and F. Scherer. 1982a. Structure-Profit Relationships at the Line of Business and Industry Level. Review of Economics and Statistics 65: 22-30.
32. Ravenscraft, D. and F. Scherer. 1982b. The Lag Structure of Returns to Research and Development. Journal of Applied Economics 14: 603-620.
33. Rumelt, R. 1982. Diversification Strategy and Profitability. Strategic Management Journal 3: 359-369.
34. Varadarajan, P. 1986. Product Diversity and Firm Performance: An Empirical Investigation," Journal of Marketing 50: 43-57.
35. Wernerfelt, B. and C. Montgomery. 1988. Tobin's q and the Importance of Focus in Firm Performance. American Economic Review 78: 246-254.