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Interest Rate Risk Of Australian Reits: A Panel Analysis, Jaime L. Yong, Abhay Singh
Interest Rate Risk Of Australian Reits: A Panel Analysis, Jaime L. Yong, Abhay Singh
Research outputs 2014 to 2021
Management structures of many Australian REITs have shifted towards internal property management since 2001. Sector returns have been rewarding until the Global Financial Crisis, but rising costs of debt and years of aggressive borrowing have eroded REIT values. Externally managed trusts had relatively higher levels of debt than internally managed counterparts thus increasing the sensitivities to interest rate risks. Yet internally managed REITs engage in a wider set of operating activities which compound market and financial risks. This study uses panel and panel quantile regressions to examine the joint impact of financial leverage and management structure on REIT returns in …
Interest Rate Sensitivities Of Externally And Internally Managed Australian Reits, Jaime L. Yong, Abhay Singh
Interest Rate Sensitivities Of Externally And Internally Managed Australian Reits, Jaime L. Yong, Abhay Singh
Research outputs 2013
Real Estate Investment Trusts (REITs) in Australia experienced tremendous growth and investor interest following the crash of unlisted property funds in the 1990s. Since 2001, management structures have shifted from external property management to an internally advised model. The sector’s returns had been notably rewarding up till the Global Financial Crisis but rising costs of debt and years of aggressive borrowing to fund expansions have eroded the values of REITs. Externally managed trusts had relatively higher levels of debt than their internally managed counterparts thus increasing the sensitivities to interest rate risks. Yet internally managed REITs engage in a wider …