國立虎尾科技大學 |

The influence of capital flows on private and public equity real estate funds.

紀錄類型:	書目-語言資料,手稿 : Monograph/item
正題名/作者:	The influence of capital flows on private and public equity real estate funds./
作者:	Suh, Sung Won.
面頁冊數:	1 online resource (93 pages)
附註:	Source: Dissertations Abstracts International, Volume: 78-05, Section: A.
Contained By:	Dissertations Abstracts International78-05A.
標題:	Finance. -
電子資源:	click for full text (PQDT)
ISBN:	9781369319866

The influence of capital flows on private and public equity real estate funds.
Suh, Sung Won.

The influence of capital flows on private and public equity real estate funds. - 1 online resource (93 pages)

Source: Dissertations Abstracts International, Volume: 78-05, Section: A.

Thesis (Ph.D.)--Cornell University, 2016.

Includes bibliographical references

This study aims to explore the impact of capital flows on private and public real estate funds. I bring together work on capital flows, private equity fund performance, and REIT liquidity management to examine the effects of capital flows on real estate markets in the fund level rather than in the aggregate market level with special attention to two sets of relations: 1) the effects of cross-sectional variation of capital flows on returns of private equity real estate funds; 2) the effects of inter-temporal variation of capital flows on the liquidity managements of REITs. In regards to private equity real estate funds, I find that differential fund growth created by heterogeneous institutional investors determines persistence in fund performance. Utilizing a novel Preqin's data, I develop a data set that shows which type of investors participate in individual private equity real estate funds from 1995 to 2009. The results provide strong evidence that underlying heterogeneity in the sophistication of institutional investors leads to heterogeneity in fund performance and to more performance persistence if sophisticated investors invest in. The funds invested in by sophisticated investors have a weak fund size-performance relation and show strong performance persistence, while the funds invested in by unsophisticated investors have a strong fund size-performance relation and no performance persistence. Regarding REITs, I find that financially constrained REITs respond to the inter-temporal variation of capital flows, which is represented by time-varying financing conditions, by changing policies on seasoned equity issuances and credit lines. The results show that the time-varying financing conditions primarily affect the liquidity policies of financially constrained REITs that heavily rely on equity offerings for their liquidity source, but not those of unconstrained REITs that can access relatively diverse funding sources other than equities. The results also suggest that tight financing conditions lead constrained REITs to rely more on equity offerings to repay their credit lines because constrained REITs reserve a large portion of the offering proceeds as an unused credit lines to prepare for unfavorable financing conditions. In addition, the time-varying financing conditions alter the order of accessing credit lines and seasoned equities. As finance costs rise, constrained REITs are more likely to utilize credit lines after raising equities rather than prior to the offerings. This is quite contrary to the traditional bridge loan hypothesis which suggests that REITs prefer to utilize credit lines first in the recession and pay off the drawdown of credit lines later during favorable credit market conditions.

Electronic reproduction.
Ann Arbor, Mich. :
ProQuest,
2024

Mode of access: World Wide Web

ISBN: 9781369319866Subjects--Topical Terms:

559073
Finance.
Subjects--Index Terms:

Capital flowsIndex Terms--Genre/Form:

554714
Electronic books.

The influence of capital flows on private and public equity real estate funds.
LDR:04140ntm a22003977 4500 001 1148813
005 20240930105230.5
006 m o d
007 cr bn ---uuuuu
008 250605s2016 xx obm 000 0 eng d
020 $a 9781369319866
035 $a (MiAaPQ)AAI10183865
035 $a AAI10183865
040 $a MiAaPQ $b eng $c MiAaPQ $d NTU
100 1 $a Suh, Sung Won. $3 1474879
245 1 4 $a The influence of capital flows on private and public equity real estate funds.
264 0 $c 2016
300 $a 1 online resource (93 pages)
336 $a text $b txt $2 rdacontent
337 $a computer $b c $2 rdamedia
338 $a online resource $b cr $2 rdacarrier
500 $a Source: Dissertations Abstracts International, Volume: 78-05, Section: A.
500 $a Publisher info.: Dissertation/Thesis.
502 $a Thesis (Ph.D.)--Cornell University, 2016.
504 $a Includes bibliographical references
520 $a This study aims to explore the impact of capital flows on private and public real estate funds. I bring together work on capital flows, private equity fund performance, and REIT liquidity management to examine the effects of capital flows on real estate markets in the fund level rather than in the aggregate market level with special attention to two sets of relations: 1) the effects of cross-sectional variation of capital flows on returns of private equity real estate funds; 2) the effects of inter-temporal variation of capital flows on the liquidity managements of REITs. In regards to private equity real estate funds, I find that differential fund growth created by heterogeneous institutional investors determines persistence in fund performance. Utilizing a novel Preqin's data, I develop a data set that shows which type of investors participate in individual private equity real estate funds from 1995 to 2009. The results provide strong evidence that underlying heterogeneity in the sophistication of institutional investors leads to heterogeneity in fund performance and to more performance persistence if sophisticated investors invest in. The funds invested in by sophisticated investors have a weak fund size-performance relation and show strong performance persistence, while the funds invested in by unsophisticated investors have a strong fund size-performance relation and no performance persistence. Regarding REITs, I find that financially constrained REITs respond to the inter-temporal variation of capital flows, which is represented by time-varying financing conditions, by changing policies on seasoned equity issuances and credit lines. The results show that the time-varying financing conditions primarily affect the liquidity policies of financially constrained REITs that heavily rely on equity offerings for their liquidity source, but not those of unconstrained REITs that can access relatively diverse funding sources other than equities. The results also suggest that tight financing conditions lead constrained REITs to rely more on equity offerings to repay their credit lines because constrained REITs reserve a large portion of the offering proceeds as an unused credit lines to prepare for unfavorable financing conditions. In addition, the time-varying financing conditions alter the order of accessing credit lines and seasoned equities. As finance costs rise, constrained REITs are more likely to utilize credit lines after raising equities rather than prior to the offerings. This is quite contrary to the traditional bridge loan hypothesis which suggests that REITs prefer to utilize credit lines first in the recession and pay off the drawdown of credit lines later during favorable credit market conditions.
533 $a Electronic reproduction. $b Ann Arbor, Mich. : $c ProQuest, $d 2024
538 $a Mode of access: World Wide Web
650 4 $a Finance. $3 559073
653 $a Capital flows
653 $a Liquidity management
653 $a Performance persistance
653 $a Private equity fund
653 $a Reits
655 7 $a Electronic books. $2 local $3 554714
690 $a 0310
690 $a 0454
690 $a 0508
710 2 $a Cornell University. $b City and Regional Planning. $3 1474880
710 2 $a ProQuest Information and Learning Co. $3 1178819
773 0 $t Dissertations Abstracts International $g 78-05A.
856 4 0 $u http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=10183865 $z click for full text (PQDT)