The impact of corporate governance on the performance of REITs: Yes, poor governance can destroy value

Journal of Portfolio Management

Volumn 33, Issue SPEC. ISS., 2007, Pages 175-191

  Bianco, Candy ^a   Ghosh, Chinmoy ^b   Sirmans, C F ^b  

^a BENTLEY COLLEGE   (United States)

^b UNIVERSITY OF CONNECTICUT   (United States)

Author keywords

[No Author keywords available]

Indexed keywords

EID: 35548951773     PISSN: 00954918     EISSN: None     Source Type: Journal    
DOI: 10.3905/jpm.2007.699613     Document Type: Article

References (23)

1. Barber, Brad. "Monitoring the Monitor: Evaluating CalPERS Shareholder Activism." Working paper, University of California at Davis, 2006.
2. Bebcuck, L., A. Cohen, and A. Ferrell. "What Matters in Corporate Governance?" Working paper, Harvard Law School, 2004.
3. Bhagat, S., and B.S. Black. "The Uncertain Relationship between Board Composition and Firm Performance." Business Lawyer, Vol. 54 (1999), pp. 921-963.
4. Brown, D.T., and T.J. Riddiough. "Financing Choice and Liability Structure of Real Estate Investment Trusts." Real Estate Economics, Vol. 31 (2003), pp. 313-346.
5. Campbell, R., C. Ghosh, and C.F. Sirmans. "The Information Content of Method of Payment in Mergers: Evidence from Real Estate Investment Trusts (REITs)." Real Estate Economics, Vol. 29 (2001), pp. 360-387.
6. Chen, H., K. Lo, C. Wu, and C. Lu. "Real Estate Investment Trusts: An Asset Allocation Perspective." Journal of Portfolio Management, Special Real Estate Issue (2005), pp. 46-54.
7. Chun, G.H., B.A. Ciochetti, and J. D. Schilling. "Pension Plan Real Estate Investment in an Asset-Liability Framework." Real Estate Economics, Vol. 28 (2000), pp. 467-492.
8. Ciochetti, B.A., T.M. Craft, and J.D. Shilling. "Institutional Investors' Preferences for REIT Stocks." Real Estate Economics, Vol. 30 (2002), pp. 567-593.
9. Craft, T. "The Role of Private and Public Real Estate in Pension Plan Portfolio Allocation Choices." Journal of Real Estate Portfolio Management, Vol. 7 (2001), pp. 17-24.
10. _. "Impact of Pension Liability on Investment in Real Estate." Journal of Portfolio Management, Special Real Estate Issue (2005), pp. 23-31.
11. Ghosh, C., and C.F. Sirmans. "Board Independence, Ownership Structure and Performance: Evidence from Real Estate Investment Trusts." Journal of Real Estate Finance and Economics, Vol. 26 (2003), pp. 287-318.
12. _. "Do Managerial Motives Impact Dividend Decisions in REITs?" Journal of Real Estate Finance and Economics, Vol. 32 (2006), pp. 327-355.
13. _. "On REIT CEO Compensation: Does Board Structure Matter?" Journal of Real Estate Finance and Economics, Vol. 30 (2005), pp. 397-428.
14. Gillan, S., J. Hartzell, and L. Starks. "Industries, Investment Opportunities and Corporate Governance Structures." Working paper, The University of Texas, 2006.
15. Gompers, P., J. Ishii, and A. Metrick. "Corporate Governance and Equity Prices." The Quarterly Journal of Economics, Vol. 118 (2003), pp. 107-155.
16. Hartzell, J., L. Sun, and S. Titman. "The Effect of Corporate Governance on Investment: Evidence from Real Estate Investment Trusts." Real Estate Economics, Vol. 34 (2006), pp. 343-376.
17. Hudson-Wilson, S., F. Fabozi, and J. Gordon, "Why Real Estate?" Journal of Portfolio Management, Special Real Estate Issue, 2003, pp. 12-27.
18. _. "Why Real Estate?" Journal of Portfolio Management, Special Real Estate Issue, 2005, pp. 14-22.
19. Jensen, M.C. "Agency Cost of Free Cash Flow, Corporate Finance, and Takeovers." American Economic Review, Vol. 76 (1986), pp. 323-329.
20. Jensen, M.C., and W.H. Meckling. "Theory of the Firm: Managerial Behavior, Agency Costs and Capital Structure." Journal of Financial Economics, Vol. 3 (1976), pp. 305-360.
21. Ling, D., and M. Ryngaert. "Valuation Uncertainty, Institutional Involvement, and the Underpricing of IPOs: The Case of REITs." Journal of Financial Economics, Vol. 43 (1997), pp. 433-456.
22. Ryan, H.E., and R.A. Wiggins. "Who is in Whose Pocket? Director Compensation, Board Independence, and Barriers to Effective Monitoring." Journal of Financial Economics, Vol. 73 (2004), pp. 497-524.
23. Sierra, G., E. Talmor, and J. Wallace. "An Examination of Multiple Governance Forces within Bank Holding Companies." Journal of Financial Services Research, Vol. 29 (2006), pp. 105-123.