The determinants of capital structure Evidence on UK property companies

Journal of Property Investment & Finance

Volumn 17, Issue 5, 1999, Pages 464-480

  Ooi, Joseph ^a  

^a NATIONAL UNIVERSITY OF SINGAPORE   (Singapore)

Author keywords

Capital; Property companies; United Kingdom

Indexed keywords

EID: 84986106028     PISSN: 1463578X     EISSN: None     Source Type: Journal    
DOI: 10.1108/14635789910294886     Document Type: Review

References (40)

1. Allen, M.T. (1995), “Capital structure determinants in real estate limited partnerships”, The Financial Review, Vol. 30 No. 3, pp. 399-426.
2. Allen, M.T. and Rutherford, R.C. (1992), “The impact of financing decisions on the security returns of real estate corporations”, Journal of Real Estate Finance and Economics, Vol. 5, pp. 393-400.
3. Ang, J.J. and McConnell, J. (1982), “The administrative costs of corporate bankruptcy: a note”, Journal of Finance, Vol. 37, pp. 219-26.
4. Ashton, D.J. (1991), “Corporate financial policy: American analytics and UK taxation”, Journal of Business Finance & Accounting, Vol. 18 No. 4, pp. 465-82.
5. Auerbach, A.J. (1985), “Real determinants of corporate leverage”, in Friedman, B.M. (Ed.), Corporate Capital Structures in the United States, University of Chicago Press, Chicago, IL, pp. 301-24.
6. Balestra, P. (1992), “Introduction to linear models for panel data”, in Matyas, L. and Sevestre, P. (Eds), The Econometrics of Panel Data, Kluwer Academic Publishers, Dordrecht, pp. 21-9.
7. Barclay, M.J., Smith, C.W. and Watts, R.L. (1995), “The determinants of corporate leverage and dividend policies”, Journal of Applied Corporate Finance, Vol. 7 No. 4, pp. 4-19.
8. Barkham, R.J. (1997), “The financial structure and ethos of property companies: an empirical analysis”, Construction Management and Economics, Vol. 15, pp. 441-56.
9. Barkham, R.J. and Purdy, D.E. (1992), “Property company financial reporting: potential weaknesses”, Journal of Property Valuation & Investment, Vol. 11, pp. 133-44.
10. Bayless, M.E. and Diltz, J.D. (1991), “The relevance of asymmetric information to financing decisions”, Journal of Business Finance & Accounting, Vol. 18 No. 3, pp. 331-44.
11. Bayless, M.E. and Diltz, J.D. (1994), “Securities offerings and capital structure theory”, Journal of Business Finance & Accounting, Vol. 21 No. 1, pp. 77-91.
12. Bennett, M. and Donnelly, R. (1993), “The determinants of capital structure: some UK evidence”, British Accounting Review, Vol. 25, pp. 43-59.
13. Bradley, M., Jarrell, G. and Kim, E.H. (1984), “On the existence of an optimal capital structure: theory and evidence”, Journal of Finance, Vol. 39, pp. 857-78.
14. Brett, M. (1990), Property and Money, Estate Gazette, London.
15. Ferri, M.G. and Jones, W.H. (1979), “Determinants of financial structure: a new methodological approach”, The Journal of Finance, Vol. 34 No. 3, pp. 631-44.
16. Gau, G.W. and Wang, K. (1990), “Capital structure decisions in real estate investment”, AREUEA Journal, Vol. 18 No. 4, pp. 501-21.
17. Hamada, R. (1972), “The effect of firm's capital structure on the systematic risk of common stocks”, Journal of Finance, pp. 435-52.
18. Harris, F.H. (1994), “Asset specificity, capital intensity and capital structure: an empirical test”, Managerial and Decision Economics, Vol. 15, pp. 563-76.
19. Homaifar, G., Zietz, J. and Benkato, O. (1994), “An empirical model of capital structure: some new evidence”, Journal of Business Finance & Accounting, Vol. 21 No. 1, pp. 1-14.
20. Howe, J.S. and Shilling, J.D. (1988), “Capital structure theory and REIT security offerings”, The Journal of Finance, Vol. 43 No. 4, pp. 983-93.
21. Jalilvand, A. and Harris, R.S. (1984), “Corporate behaviour in adjusting to capital structure and dividend targets: an econometric study”, Journal of Finance, Vol. 39 No. 1, pp. 127-45.
22. Jensen, F.E. and Langemeier, N. (1996), “Optimal leverage with risk aversion: empirical evidence”, Agricultural Finance Review, Vol. 56, pp. 85-97.
23. Long, M.S. and Malitz, I.B. (1985), “Investment patterns and financial leverage”, in Friedman, B.M. (Ed.), Corporate Capital Structures in the United States, University of Chicago Press, Chicago, IL, pp. 325-51.
24. Maris, B.A. and Elayan, F.A. (1990), “Capital structure and the cost of capital for untaxed firms: the case of REITs”, AREUEA Journal, Vol. 18 No. 1, pp. 22-39.
25. Marsh, P. (1982), “The choice between equity and debt: an empirical study”, The Journal of Finance, Vol. 37 No. 1, pp. 121-44.
26. Matysiak, G.A. and Brown, G.R. (1995), “An evaluation of UK property companies investment performance”, paper presented at the Pacific Asia Property Research Conference held in April 1995 in Singapore.
27. Miller, M.H. and Modigliani, F. (1966), “Some estimates of the cost of capital to the electric utility industry, 1954-57”, American Economic Review, Vol. 56 No. 3, pp. 333-91.
28. Modigliani, F. and Miller, M.H. (1958), “The cost of capital, corporation finance, and the theory of investment”, American Economic Review, Vol. 48, pp. 261-97.
29. Modigliani, F. and Miller, M.H. (1963), “Corporate income taxes and cost of capital: a correction”, American Economic Review, Vol. 53, pp. 433-43.
30. Myers, S.C. (1977), “Determinants of corporate borrowing”, Journal of Financial Economics, Vol. 5, pp. 147-75.
31. Myers, S.C. (1984), “The capital structure puzzle”, The Journal of Finance, Vol. 39, pp. 575-92.
32. Orchard-Lisle (1987), “Financing property development”, Journal of Valuation, Vol. 5 No. 4, pp. 356-68.
33. Riley, M.E. (1994), Foreword in D. Isaac's Property Finance, MacMillan Press, Hampshire, p. xi.
34. Shah, S. and Thakor, A.V. (1987), “Optimal capital structure and project financing”, Journal of Economic Theory, Vol. 42, pp. 209-43.
35. Smith, C.W. and Warner, J.B. (1979), “Bankruptcy, secured debt, and optimal capital structure: comment”, Journal of Finance, Vol. 34 No. 1, pp. 247-51.
36. Stulz, R.M. and Johnson, H. (1985), “An analysis of secured debt”, Journal of Financial Economics, Vol. 14, pp. 501-21.
37. Titman, S. and Wessels, R. (1988), “The determinants of capital structure choice”, The Journal of Finance, Vol. 43 No. 1, pp. 1-19.
38. Warner, J. (1977), “Bankruptcy costs: some evidence”, Journal of Finance, Vol. 32, pp. 337-47.
39. Wedig, G., Sloan, F.A., Hassan, M. and Morrisey, M.A. (1988), “Capital structure, ownership, and capital payment policy: the case of hospitals”, The Journal of Finance, Vol. 43 No. 1, pp. 21-40.
40. Williamson, O. (1988), “Corporate finance and corporate governance”, Journal of Finance, Vol. 43, pp. 567-91.