The capital structure of Turkish real estate investment trusts (REITS)

Download

index.pdf

Date

2008

Author

Yıldırım, Burak

Metadata

Show full item record

Item Usage Stats

272
views

98
downloads

To the best of my knowledge, there has not been any academic study about capital structure of Turkish REITs so far. This study attempts to fulfill this gap in the literature by analyzing the capital structure choices of Turkish REITs which are listed in Istanbul Stock Exchange (ISE) over the period of 1998 - 2007. The key contribution of this study is to understand whether the firm specific, institutional and country specific factors that affect the capital structures of all institutional firms including REITs in developed and developing countries are also applicable to the Turkish REITs sector. The data analysis demonstrates that Turkish REITs employ little long term debt in their capital structure and there exists strong short term debt dominance in the sector. Employing Tobit regression and panel data models, it is concluded that capital structure determinants that are significant in developed and developing countries are also significant in Turkish REITs’ debt financing choices. However, we observe inconsistency in the sign and significance of some factors which give a way to understand the different institutional and country specific factors of Turkish real estate market and Turkish REITs.

Subject Keywords

Finance.

URI

http://etd.lib.metu.edu.tr/upload/12610104/index.pdf
https://hdl.handle.net/11511/17996

Collections

Graduate School of Applied Mathematics, Thesis

Suggestions

OpenMETU
Core

Stock market integration between Turkey and Euopean Union countries Yücesan, Esin; Rhoades, Seza; Department of Business Administration (2004) The objective of the study is to analyze the effects of two breakpoints on the relationships of Istanbul Stock Exchange with the European stock markets and on the relationships among these European stock markets to increase the economic integration. The breakpoints are the execution of the Customs Union Agreement of Turkey with the European Union in 1/1/1996 and the introduction of the Euro in 1/1/1999. While both breakpoints have effects on Turkey̕s economic relations, the European Union countries are expe...
Organizing corporate culture: a case study of a Turkish software company Çalışır, Meliha; Tileylioğlu, Alaeddin; Department of Business Administration (2008) The purpose of this research is to establish an innovative organizational culture in a Turkish software company. In order to do this, the perceived current and the preferred organizational cultures of the company were studied. The preferred culture of upper management and the differences between the perceived current and preferred organizational cultures by different employee groups were also investigated. The culture assessment was performed using Cameron and Quinn’s (1999) Organizational Culture Assessmen...
The volatility spillover among a country’s foreign exchange, bond, and stock markets: a multivariate garch analysis Kubilay, Mustafa Murat; Danışoğlu, Seza; Department of Financial Mathematics (2012) The purpose of this study is to examine the volatility spillover among a country’s foreign exchange, bond and stock markets and the volatility transmission from the global bond, stock and commodity markets to these local financial markets. The sample for the study includes data from both emerging and developed economies in the time period between 2004 and 2011. A multivariate GARCH methodology with the BEKK representation is applied for the local financial markets and global variables are included as exogen...
Debt management and financialisation as facets of state restructuring: the case of turkey in the post-1980 period Güngen, Ali Rıza; Yalman, Osman Galip; Department of Political Science and Public Administration (2012) This dissertation analyses the restructuring of the state and financialisation in Turkey in the post-1980 period with specific emphasis on public debt management. Turkey provides a model case of state pioneering financial deepening and intervening into the market for the socialisation of the losses of the financial sector. The dissertation argues that despite the increasing public debt ratio through 1980s and 1990s, the aim of financial deepening was persistent. The state contributed to the financialisation...
Assessing domestic debt sustainability of Turkey with a risk management approach Tiftik, Mehmet Emre; Gaygısız Lajunen, Esma; Department of Economics (2006) This thesis analyzes the debt dynamics of Turkey and assesses the sustainability of fisscal policy. The assessment of fiscal policy follows the methodology of Garcia and Rigobon (2004). This approach focuses on the concept of debt sustainability from a risk management perspective and incorporates the effects of stochastic shocks to the economy in its assessment. The results suggest that a continuation of the present fiscal stances will lead to a fiscal unsustainability in Turkey. Furthermore, the results in...

Citation Formats

B. Yıldırım, “The capital structure of Turkish real estate investment trusts (REITS),” M.S. - Master of Science, Middle East Technical University, 2008.