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Decomposing industr...
Decomposing industry leverage : The special cases of real estate investment trusts and technology & hardware companies
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- Breuer, Wolfgang (författare)
- Department of Finance, RWTH Aachen University, Aachen, Germany
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- Nguyen, Linh D. (författare)
- Department of Finance, Banking University of Ho Chi Minh City, Ho Chi Minh City, Vietnam
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- Steininger, Bertram I. (författare)
- KTH,Fastighetsekonomi och finans
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(creator_code:org_t)
- Wiley, 2023
- 2023
- Engelska.
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Ingår i: Journal of Financial Research. - : Wiley. - 0270-2592 .- 1475-6803. ; 46:3, s. 791-823
- Relaterad länk:
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https://doi.org/10.1...
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visa fler...
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https://urn.kb.se/re...
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https://doi.org/10.1...
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Abstract
Ämnesord
Stäng
- Different industries exhibit significantly different leverage; companies in the real estate investment trust (REIT) and technology/hardware sectors are extreme examples. In the United States, the leverage ratio is twice as high for REITs (50%) as compared to non-real-estate firms (around 25%), and the technology/hardware sector has the lowest ratio (around 17%). We theoretically and empirically analyze their differences. By decomposing the difference into three channels, we find that the industry-specific channel explains around 67% for REITs and 68% for technology/hardware firms; the value-based channel is mostly responsible for the remaining portion. Taking the nonlinear influences of extreme values into account, the relevance of the industry-specific channel is considerably reduced.
Ämnesord
- SAMHÄLLSVETENSKAP -- Ekonomi och näringsliv -- Nationalekonomi (hsv//swe)
- SOCIAL SCIENCES -- Economics and Business -- Economics (hsv//eng)
Publikations- och innehållstyp
- ref (ämneskategori)
- art (ämneskategori)
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