메뉴 건너뛰기




Volumn 51, Issue 3, 2008, Pages 539-562

The role of corporate governance in initial public offerings: Evidence from real estate investment trusts

Author keywords

[No Author keywords available]

Indexed keywords


EID: 54249121757     PISSN: 00222186     EISSN: None     Source Type: Journal    
DOI: 10.1086/589701     Document Type: Article
Times cited : (74)

References (53)
  • 1
    • 0030492391 scopus 로고    scopus 로고
    • Firm Performance and Mechanism to Control Agency Problems between Managers and Shareholders
    • Agrawal, Anup, and Charles Knoeber. 1996. Firm Performance and Mechanism to Control Agency Problems between Managers and Shareholders. Journal of Financial and Quantitative Analysis 31:377-97.
    • (1996) Journal of Financial and Quantitative Analysis , vol.31 , pp. 377-397
    • Agrawal, A.1    Knoeber, C.2
  • 2
    • 0347076594 scopus 로고    scopus 로고
    • The Determinants of Board Structure at the Initial Public Offering
    • Baker, Michael, and Paul A. Gompers. 2003. The Determinants of Board Structure at the Initial Public Offering. Journal of Law and Economics 46:569-98.
    • (2003) Journal of Law and Economics , vol.46 , pp. 569-598
    • Baker, M.1    Gompers, P.A.2
  • 4
  • 6
    • 0031232456 scopus 로고    scopus 로고
    • Underpricing, Ownership and Control in Initial Public Offerings of Equity Securities in the U.K
    • Brennan, Michael, and Julian Franks. 1997. Underpricing, Ownership and Control in Initial Public Offerings of Equity Securities in the U.K. Journal of Financial Economics 45:391-414.
    • (1997) Journal of Financial Economics , vol.45 , pp. 391-414
    • Brennan, M.1    Franks, J.2
  • 7
    • 29244483408 scopus 로고    scopus 로고
    • The Impact of Performance-Based Compensation on Misreporting
    • Burns, Natasha, and Simi Kedia. 2006. The Impact of Performance-Based Compensation on Misreporting. Journal of Financial Economics 79:35-67.
    • (2006) Journal of Financial Economics , vol.79 , pp. 35-67
    • Burns, N.1    Kedia, S.2
  • 8
    • 0007969295 scopus 로고
    • REITs and Their Management: An Analysis of Organizational Structure, Performance, and Management Compensation
    • Cannon, Susanne E., and Stephen C. Vogt. 1995. REITs and Their Management: An Analysis of Organizational Structure, Performance, and Management Compensation. Journal of Real Estate Research 10:297-317.
    • (1995) Journal of Real Estate Research , vol.10 , pp. 297-317
    • Cannon, S.E.1    Vogt, S.C.2
  • 9
    • 0034418194 scopus 로고    scopus 로고
    • Debt, Agency, and Management Contracts in REITs: The External Advisor Puzzle
    • Capozza, Dennis, and Paul Seguin. 2000. Debt, Agency, and Management Contracts in REITs: The External Advisor Puzzle. Journal of Real Estate Finance and Economics 20:91-116.
    • (2000) Journal of Real Estate Finance and Economics , vol.20 , pp. 91-116
    • Capozza, D.1    Seguin, P.2
  • 10
    • 0037855539 scopus 로고    scopus 로고
    • Underwriter Reputation, Initial Returns and the Long-Run Performance of IPO Stocks
    • Carter, Richard B., Rick Dark, and Ajai Singh. 1998. Underwriter Reputation, Initial Returns and the Long-Run Performance of IPO Stocks. Journal of Finance 53:285-311.
    • (1998) Journal of Finance , vol.53 , pp. 285-311
    • Carter, R.B.1    Dark, R.2    Singh, A.3
  • 11
    • 0000544450 scopus 로고    scopus 로고
    • Does Delaware Law Improve Firm Value?
    • Daines, Robert M. 2001. Does Delaware Law Improve Firm Value? Journal of Financial Economics 62:525-58.
    • (2001) Journal of Financial Economics , vol.62 , pp. 525-558
    • Daines, R.M.1
  • 12
    • 0035588238 scopus 로고    scopus 로고
    • Do IPO Charters Maximize Firm Value? Antitakeover Protection in IPOs
    • Daines, Robert M., and Michael Klausner. 2001. Do IPO Charters Maximize Firm Value? Antitakeover Protection in IPOs. Journal of Law, Economics, and Organization 17:83-120.
    • (2001) Journal of Law, Economics, and Organization , vol.17 , pp. 83-120
    • Daines, R.M.1    Klausner, M.2
  • 13
    • 0031206571 scopus 로고    scopus 로고
    • The Determinants of Organization Form Changes: Evidence and Implications from Real Estate
    • Damodaran, Aswath, Kose John, and Crocker H. Liu. 1997. The Determinants of Organization Form Changes: Evidence and Implications from Real Estate. Journal of Financial Economics 45:169-92.
    • (1997) Journal of Financial Economics , vol.45 , pp. 169-192
    • Damodaran, A.1    John, K.2    Liu, C.H.3
  • 14
    • 21144471904 scopus 로고
    • Insider Trading as a Signal of Private Information
    • Damodaran, Aswath, and Crocker H. Liu. 1993. Insider Trading as a Signal of Private Information. Review of Financial Studies 6:79-120.
    • (1993) Review of Financial Studies , vol.6 , pp. 79-120
    • Damodaran, A.1    Liu, C.H.2
  • 15
    • 0043095579 scopus 로고    scopus 로고
    • Takeover Defenses of IPO Firms
    • Field, Laura C., and Jonathan M. Karpoff. 2002. Takeover Defenses of IPO Firms. Journal of Finance 57:1857-89.
    • (2002) Journal of Finance , vol.57 , pp. 1857-1889
    • Field, L.C.1    Karpoff, J.M.2
  • 17
    • 0142188063 scopus 로고    scopus 로고
    • Dividend Taxes and Share Prices: Evidence from Real Estate Investment Trusts
    • Gentry, William M., Deen Kemsley, and Chris J. Mayer. 2003. Dividend Taxes and Share Prices: Evidence from Real Estate Investment Trusts. Journal of Finance 58:261-82.
    • (2003) Journal of Finance , vol.58 , pp. 261-282
    • Gentry, W.M.1    Kemsley, D.2    Mayer, C.J.3
  • 19
    • 38149143873 scopus 로고
    • Compensation Policies and Financial Characteristics of Real Estate Investment Trusts
    • Golec, Joseph H. 1994. Compensation Policies and Financial Characteristics of Real Estate Investment Trusts. Journal of Accounting and Economics 17:177-205.
    • (1994) Journal of Accounting and Economics , vol.17 , pp. 177-205
    • Golec, J.H.1
  • 21
    • 33645379680 scopus 로고    scopus 로고
    • Insider Ownership and Firm Performance: Evidence from Real Estate Investment Trusts
    • Han, Bing. 2006. Insider Ownership and Firm Performance: Evidence from Real Estate Investment Trusts. Journal of Real Estate Finance and Economics 32:471-93.
    • (2006) Journal of Real Estate Finance and Economics , vol.32 , pp. 471-493
    • Han, B.1
  • 22
    • 0012583968 scopus 로고    scopus 로고
    • Boards of Directors as an Endogenously-Determined Institution: A Survey of the Economic Literature
    • Hermalin, Benjamin, and Michael Weisbach. 2003. Boards of Directors as an Endogenously-Determined Institution: A Survey of the Economic Literature. Economic Policy Review 9:7-26.
    • (2003) Economic Policy Review , vol.9 , pp. 7-26
    • Hermalin, B.1    Weisbach, M.2
  • 23
    • 0000712212 scopus 로고    scopus 로고
    • Understanding the Determinants of Managerial Ownership and the Link between Ownership and Performance
    • Himmelberg, Charles P., Hubbard, R. Glenn, and Darius Palia. 1999. Understanding the Determinants of Managerial Ownership and the Link between Ownership and Performance. Journal of Financial Economics 53:353-84.
    • (1999) Journal of Financial Economics , vol.53 , pp. 353-384
    • Himmelberg, C.P.1    Hubbard, R.G.2    Palia, D.3
  • 24
    • 0000139691 scopus 로고
    • Moral Hazard and Observability
    • Holmström, Bengt. 1979. Moral Hazard and Observability. Bell Journal of Economics 10:74-91.
    • (1979) Bell Journal of Economics , vol.10 , pp. 74-91
    • Holmström, B.1
  • 25
    • 84984030669 scopus 로고
    • REIT Advisor Performance
    • Howe, John, and James Shilling. 1990. REIT Advisor Performance. AREUEA Journal 18:479-500.
    • (1990) AREUEA Journal , vol.18 , pp. 479-500
    • Howe, J.1    Shilling, J.2
  • 26
    • 0039073034 scopus 로고
    • REITs as Captive-Financing Affiliates: Impact on Financial Performance
    • Hsieh, Cheng Ho, and C. F. Sirmans. 1991. REITs as Captive-Financing Affiliates: Impact on Financial Performance. Journal of Real Estate Research 6:179-89.
    • (1991) Journal of Real Estate Research , vol.6 , pp. 179-189
    • Hsieh, C.H.1    Sirmans, C.F.2
  • 28
    • 45949112827 scopus 로고
    • Shark Repellents and Stock Prices: The Effects of Antitakeover Amendments since 1980
    • Jarrell, Greg, and Annette Poulsen. 1987. Shark Repellents and Stock Prices: The Effects of Antitakeover Amendments since 1980. Journal of Financial Economics 19:127-68.
    • (1987) Journal of Financial Economics , vol.19 , pp. 127-168
    • Jarrell, G.1    Poulsen, A.2
  • 29
    • 0042604061 scopus 로고
    • Incentive Compensation and REIT Financial Leverage and Asset Risk
    • Jenkins, James W. 1980. Incentive Compensation and REIT Financial Leverage and Asset Risk. Financial Management 9:81-87.
    • (1980) Financial Management , vol.9 , pp. 81-87
    • Jenkins, J.W.1
  • 30
    • 0001066475 scopus 로고
    • Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers
    • Jensen, Michael C. 1986. Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers. American Economic Review 76:323-29.
    • (1986) American Economic Review , vol.76 , pp. 323-329
    • Jensen, M.C.1
  • 31
    • 44649197264 scopus 로고
    • Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure
    • Jensen, Michael C., and William H. Meckling. 1976. Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure. Journal of Financial Economics 4:305-60.
    • (1976) Journal of Financial Economics , vol.4 , pp. 305-360
    • Jensen, M.C.1    Meckling, W.H.2
  • 32
    • 84936016411 scopus 로고
    • Performance Pay and Top Management Incentives
    • Jensen, Michael C., and Kevin J. Murphy. 1990. Performance Pay and Top Management Incentives. Journal of Political Economy 98:225-64.
    • (1990) Journal of Political Economy , vol.98 , pp. 225-264
    • Jensen, M.C.1    Murphy, K.J.2
  • 36
    • 54249104436 scopus 로고    scopus 로고
    • Working paper. Stanford University, Graduate School of Business, Palo Alto, Calif
    • Lan, Yingcong, and Neng Wang. 2004. Investor Protection and Investment. Working paper. Stanford University, Graduate School of Business, Palo Alto, Calif.
    • (2004) Investor Protection and Investment
    • Lan, Y.1    Wang, N.2
  • 37
    • 84911059380 scopus 로고
    • Tobin's Q, Corporate Diversification, and Firm Performance
    • Lang, Larry, and René Stulz. 1994. Tobin's Q, Corporate Diversification, and Firm Performance. Journal of Political Economy 102:1248-80.
    • (1994) Journal of Political Economy , vol.102 , pp. 1248-1280
    • Lang, L.1    Stulz, R.2
  • 38
    • 0031101160 scopus 로고    scopus 로고
    • Valuation Uncertainty, Institutional Involvement, and the Underpricing of IPOs: The Case of REITs
    • Ling, David C., and Mark Ryngaert. 1997. Valuation Uncertainty, Institutional Involvement, and the Underpricing of IPOs: The Case of REITs. Journal of Financial Economics 43:433-56.
    • (1997) Journal of Financial Economics , vol.43 , pp. 433-456
    • Ling, D.C.1    Ryngaert, M.2
  • 39
    • 6344270172 scopus 로고    scopus 로고
    • Why Has IPO Underpricing Changed over Time?
    • Loughran, Tim, and Jay R. Ritter. 2004. Why Has IPO Underpricing Changed over Time? Financial Management 33:5-37.
    • (2004) Financial Management , vol.33 , pp. 5-37
    • Loughran, T.1    Ritter, J.R.2
  • 40
    • 33645896609 scopus 로고
    • Management Ownership and Market Valuation: An Empirical Analysis
    • Mørck, Randall, Andre Shleifer, and Robert W. Vishny. 1988. Management Ownership and Market Valuation: An Empirical Analysis. Journal of Financial Economics 20:293-315.
    • (1988) Journal of Financial Economics , vol.20 , pp. 293-315
    • Mørck, R.1    Shleifer, A.2    Vishny, R.W.3
  • 41
    • 0039074886 scopus 로고
    • NAREIT, Washington, D.C, National Association of Real Estate Trusts
    • NAREIT. 1991-98. REIT Handbook. Washington, D.C.: National Association of Real Estate Trusts.
    • (1991) REIT Handbook
  • 42
    • 54249087036 scopus 로고    scopus 로고
    • Prudential Real Estate Investors. 2003. US Market Outlook - Third Quarter 2003. Parsippany, N.J.: Prudential Financial.
    • Prudential Real Estate Investors. 2003. US Market Outlook - Third Quarter 2003. Parsippany, N.J.: Prudential Financial.
  • 44
    • 0001026456 scopus 로고    scopus 로고
    • A Survey of Corporate Governance
    • Shleifer, Andre, and Robert W. Vishny. 1997. A Survey of Corporate Governance. Journal of Finance 52:737-83.
    • (1997) Journal of Finance , vol.52 , pp. 737-783
    • Shleifer, A.1    Vishny, R.W.2
  • 45
    • 0347129554 scopus 로고    scopus 로고
    • The Asset Price Incidence of Capital Gains Taxes: Evidence from the Taxpayer Relief Act of 1997 and Publicly-Traded Real Estate Firms
    • Sinai, Todd, and Joe Gyourko. 2004. The Asset Price Incidence of Capital Gains Taxes: Evidence from the Taxpayer Relief Act of 1997 and Publicly-Traded Real Estate Firms. Journal of Public Economics 88:1543-65.
    • (2004) Journal of Public Economics , vol.88 , pp. 1543-1565
    • Sinai, T.1    Gyourko, J.2
  • 46
    • 0038648568 scopus 로고    scopus 로고
    • Control as a Motivation for Underpricing: A Comparison of Dual- and Single-Class IPOs
    • Smart, Scott B., and Chad J. Zutter. 2003. Control as a Motivation for Underpricing: A Comparison of Dual- and Single-Class IPOs. Journal of Financial Economics 69:85-110.
    • (2003) Journal of Financial Economics , vol.69 , pp. 85-110
    • Smart, S.B.1    Zutter, C.J.2
  • 47
    • 84984054763 scopus 로고
    • Managerial Incentives: Implications for the Financial Performance of Real Estate Investment Trusts
    • Solt, Michael E., and Norman G. Miller. 1985. Managerial Incentives: Implications for the Financial Performance of Real Estate Investment Trusts. AREUEA Journal 13:404-23.
    • (1985) AREUEA Journal , vol.13 , pp. 404-423
    • Solt, M.E.1    Miller, N.G.2
  • 48
    • 45549112378 scopus 로고
    • Managerial Control of Voting Rights: Financing Policies and the Market for Corporate Control
    • Stulz, René M. 1988. Managerial Control of Voting Rights: Financing Policies and the Market for Corporate Control. Journal of Financial Economics 20:25-54.
    • (1988) Journal of Financial Economics , vol.20 , pp. 25-54
    • Stulz, R.M.1
  • 49
    • 0036018212 scopus 로고    scopus 로고
    • The Influence of Antitakeover Statues on Incorporation Choice: Evidence on the "Race" Debate and Antitakeover Overreaching
    • Subramanian, Guhan. 2001. The Influence of Antitakeover Statues on Incorporation Choice: Evidence on the "Race" Debate and Antitakeover Overreaching. University of Pennsylvania Law Review 150:1795-1873.
    • (2001) University of Pennsylvania Law Review , vol.150 , pp. 1795-1873
    • Subramanian, G.1
  • 50
    • 38249012761 scopus 로고
    • Initial Public Offerings of Equity Offerings: Anomalous Evidence Using REITs
    • Wang, Ko, Su Han Chan, and George Gau. 1992. Initial Public Offerings of Equity Offerings: Anomalous Evidence Using REITs. Journal of Financial Economics 31:381-410.
    • (1992) Journal of Financial Economics , vol.31 , pp. 381-410
    • Wang, K.1    Su, H.2    Gau, G.3
  • 51
    • 84983955586 scopus 로고
    • Dividend Policies and Dividend Announcement Effects for Real Estate Investment Trusts
    • Wang, Ko, John Erickson, and George Gau. 1993. Dividend Policies and Dividend Announcement Effects for Real Estate Investment Trusts. AREUEA Journal 21:185-201.
    • (1993) AREUEA Journal , vol.21 , pp. 185-201
    • Wang, K.1    Erickson, J.2    Gau, G.3
  • 52
    • 0030078208 scopus 로고    scopus 로고
    • Higher Market Valuation for Firms with a Small Board of Directors
    • Yermack, David. 1996. Higher Market Valuation for Firms with a Small Board of Directors. Journal of Financial Economics 40:185-211.
    • (1996) Journal of Financial Economics , vol.40 , pp. 185-211
    • Yermack, D.1
  • 53
    • 0003300715 scopus 로고    scopus 로고
    • Understanding the Determinants of Managerial Ownership and the Link between Ownership and Performance: Comment
    • Zhou, Xianming. 2001. Understanding the Determinants of Managerial Ownership and the Link between Ownership and Performance: Comment. Journal of Financial Economics 62:559-71.
    • (2001) Journal of Financial Economics , vol.62 , pp. 559-571
    • Zhou, X.1


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.