caa a22 4500 445316357 CHVBK 20180317142648.0 cr unu---uuuuu 170323e20111101xx s 000 0 eng 10.1007/s11146-009-9229-4 doi (NATIONALLICENCE)springer-10.1007/s11146-009-9229-4 Property Segment and REIT Capital Structure [Elektronische Daten] [Mine Ertugrul, Erasmo Giambona] This paper relies on an increasing number of industry equilibrium studies linking a firm to its industry peers to help explain the observed REIT capital structure variation within property segments beyond what is possible with the traditional partial equilibrium trade-off and pecking order theories, which assume that each firm operates in isolation from other market participants and are not particularly suitable to REITs because of the regulated setting within which these firms operate. We build several proxies for a REIT's position within its property segment. Consistent with the competitive equilibrium model of Maksimovic and Zechner (1991), we find that a REIT's volatility of operating performance relative to the median volatility of operating performance of its segment peers is an important determinant of its leverage ratio. We also find that a REIT's leverage ratio depends on the median leverage ratio in its segment. Leverage is also related to a REIT's status as an incumbent and its role as a leader in the property segment. Springer Science+Business Media, LLC, 2009 Property segment nationallicence REIT competition nationallicence Capital structure nationallicence Ertugrul Mine Department of Accounting and Finance, University of Massachusetts Boston, 100 Morrissey Blvd., 02125, Boston, MA, USA aut Giambona Erasmo Finance Group, University of Amsterdam, Roetersstraat 11, 1018 WB, Amsterdam, The Netherlands aut The Journal of Real Estate Finance and Economics Springer US; http://www.springer-ny.com 43/4(2011-11-01), 505-526 0895-5638 43:4<505 2011 43 11146 https://doi.org/10.1007/s11146-009-9229-4 text/html Onlinezugriff via DOI 1 research-article jats NATIONALLICENCE 856 40 https://doi.org/10.1007/s11146-009-9229-4 text/html Onlinezugriff via DOI NATIONALLICENCE 700 1- Ertugrul Mine Department of Accounting and Finance, University of Massachusetts Boston, 100 Morrissey Blvd., 02125, Boston, MA, USA aut NATIONALLICENCE 700 1- Giambona Erasmo Finance Group, University of Amsterdam, Roetersstraat 11, 1018 WB, Amsterdam, The Netherlands aut NATIONALLICENCE 773 0- The Journal of Real Estate Finance and Economics Springer US; http://www.springer-ny.com 43/4(2011-11-01), 505-526 0895-5638 43:4<505 2011 43 11146 Metadata rights reserved Springer special CC-BY-NC licence nationallicence BK010053 XK010053 XK010000 NATIONALLICENCE NATIONALLICENCE NL-springer