Shared more. Cited more. Safe forever.
    • advanced search
    • submit works
    • about
    • help
    • contact us
    • login
    View Item 
    •   MOspace Home
    • University of Missouri-Columbia
    • Office of Undergraduate Research (MU)
    • Undergraduate Research and Creative Achievements Forum (MU)
    • 2008 Undergraduate Research and Creative Achievements Forum (MU)
    • View Item
    •   MOspace Home
    • University of Missouri-Columbia
    • Office of Undergraduate Research (MU)
    • Undergraduate Research and Creative Achievements Forum (MU)
    • 2008 Undergraduate Research and Creative Achievements Forum (MU)
    • View Item
    JavaScript is disabled for your browser. Some features of this site may not work without it.
    advanced searchsubmit worksabouthelpcontact us

    Browse

    All of MOspaceCommunities & CollectionsDate IssuedAuthor/ContributorTitleIdentifierThesis DepartmentThesis AdvisorThesis SemesterThis CollectionDate IssuedAuthor/ContributorTitleIdentifierThesis DepartmentThesis AdvisorThesis Semester

    Statistics

    Most Popular ItemsStatistics by CountryMost Popular AuthorsStatistics by Referrer

    Externally advised REITs to internally advised REITs [abstract]

    Adams, Bridgette
    Howe, John S.
    View/Open
    [PDF] ExternallyAdvisedREITs.pdf (20.21Kb)
    Date
    2008
    Contributor
    University of Missouri-Columbia. Office of Undergraduate Research
    Format
    Presentation
    Metadata
    [+] Show full item record
    Abstract
    Real estate investment trusts (REITs) are companies that invest in real estate, which can be commercial, residential, health-related, etc. Because REITs pay out at least 90% of their profit in dividends they do not have to pay corporate tax. In order for REITs to operate efficiently they hire advisors to find, evaluate, and manage their properties. In general, REITs have the option of hiring internal or external advisors. External advisors are separate companies that can manage properties for more than one REIT. On average over the last 30 years, REITs that use external advisors have performed 6% worse on average per year, compared to REITs with internal advisors. In my research I examined REITs that changed from external to internal advisors and the effect that had on their short-run and long-run returns. In order to do this, I looked at annual reports for a list of REITs that used external advisors. Then I found the date that they announced the change in advisory type and looked at the price of the REIT on the event of the announcement, as well as the long term effect of the announcement. I did not find significant evidence that the announcement of a change in advisors has a material change in the price of the REIT on a short-term basis. In conclusion, I failed to reject the null hypothesis: REIT prices do not change as a result of a change of advisor announcement, in the short-run.
    URI
    http://hdl.handle.net/10355/1857
    Part of
    2008 Undergraduate Research and Creative Achievements Forum (MU)
    Collections
    • 2008 Undergraduate Research and Creative Achievements Forum (MU)

    Send Feedback
    hosted by University of Missouri Library Systems
     

     


    Send Feedback
    hosted by University of Missouri Library Systems