Show/Hide Menu
Hide/Show Apps
Logout
Türkçe
Türkçe
Search
Search
Login
Login
OpenMETU
OpenMETU
About
About
Open Science Policy
Open Science Policy
Open Access Guideline
Open Access Guideline
Postgraduate Thesis Guideline
Postgraduate Thesis Guideline
Communities & Collections
Communities & Collections
Help
Help
Frequently Asked Questions
Frequently Asked Questions
Guides
Guides
Thesis submission
Thesis submission
MS without thesis term project submission
MS without thesis term project submission
Publication submission with DOI
Publication submission with DOI
Publication submission
Publication submission
Supporting Information
Supporting Information
General Information
General Information
Copyright, Embargo and License
Copyright, Embargo and License
Contact us
Contact us
REITS in Turkey: the impact of the deviations from the global systems
Download
index.pdf
Date
2015
Author
Yönder, Erkan
Metadata
Show full item record
Item Usage Stats
287
views
423
downloads
Cite This
This dissertation aims to evaluate the impacts of divergence of Turkish Real Estate Investment Trust (REIT) sector/industry from the global REIT markets. Turkish REITs do not have to pay out any certain level of income to shareholders and have a sponsored ownership structure, governed by regulations different from the global REITs, while they are still tax-exempted. The dissertation investigates the tax arbitrage, impacts of corporate governance issues such as board composition and sponsor ownership on the corporate financial performance of Turkish REITs. I find a significant market value increase for lead stakeholders around REIT IPOs highly likely due to tax arbitrage. Tax arbitrage arises from the tax exemption without any mandatory payout rule. I also find that REITs with larger board size, more independent members and higher non-sponsor ownership exhibit better financial performance. There is also a nonlinear relation between lead stakeholder ownership and operating performance. Additionally, operating performance worsens if the lead stakeholder is government-backed corporation or a bank. Depending on the findings of this dissertation, I make policy implications such as implementing mandatory payout rule and limiting the business relation between the lead stakeholders and the REITs.
Subject Keywords
Real estate business.
,
Real estate agents.
,
Corporate governance.
,
Taxation.
URI
http://etd.lib.metu.edu.tr/upload/12618512/index.pdf
https://hdl.handle.net/11511/24474
Collections
Graduate School of Social Sciences, Thesis
Suggestions
OpenMETU
Core
Turkish mortgage market: an assessment of its potential and riskiness
Kutlukaya, Mahmut; Voyvoda, Ebru; Erol, Işıl; Department of Economics (2015)
This thesis is the first attempt to provide a comprehensive evaluation of the Turkish mortgage market in terms its potential within the European region, the main risks of mortgage termination through default and prepayment decisions of the borrowers, and finally the current mortgage market policies applied by the national policy makers. The present research, firstly, uses a macroeconomic perspective and investigates the development potential or the depth of the Turkish market in comparison with 31 European ...
Real estate appraisal methods and their application in Ankara
Bulut, Zeynep; Türel, Ali; Department of City and Regional Planning (2011)
Real estate is one of the reliable and important investment types for individuals and institutions. Interest in the price appraisal of real estate has increased with rapid development of real estate sector and its legal infrastructure in recent years. Conducting planned urbanization, choosing settlement areas and estimating their inner or outer transport costs, improving capital markets transparency, and reliability require a reliable price valuation of real estate assets. Appraisal in real estate is also i...
Capital distribution policy and information asymmetry: A real estate market perspective
Downs, DH; Güner, Zehra Nuray; Patterson, GA (2000-11-01)
This article examines the relation between the distribution of capital to real estate investors and a market-based measure of information asymmetry. Previous research suggests that information asymmetries decrease as capital is distributed to outside investors. However, little attention has been given to those firms for which the marginal benefit of increased distributions may be small. Our analyses are based on a sample of real estate investment trusts (REITs), which are popularly characterized as high yie...
Understanding real estate bubbles: an analysis of the recent trends in the Turkish housing market
Karasu, Mustafa Nusret; Cömert, Hasan; Department of Economics (2015)
The main aim of this thesis is to determine whether there is a real estate bubble in Turkey recently, where the house prices are increasing rapidly. In order to do this, the thesis tries to define the bubble concept, by reviewing literature. The common view among economists is that bubbles are deviation of prices from their fundamentals which is associated with sudden increases in prices. We usually witness harsh economic crises after the bursts of bubbles in economies and this constitutes the source of the...
A test of multi-index asset pricing models :the US REIT market
Aydemir, Merve; Danışoğlu, Seza; Department of Business Administration (2012)
This study examines the relationship between the performances of US equity REITs and the market risk premium, SMB, HML, MOM as well as an industry index and a real estate index. The statistical significance of the abnormal returns and the beta coefficients of independent variables are examined. The REITs are categorized in seven groups according to their investment areas and the analysis results are compared. Daily return indexes of US equity REITs are collected for the period between 2005 and 2011. These d...
Citation Formats
IEEE
ACM
APA
CHICAGO
MLA
BibTeX
E. Yönder, “REITS in Turkey: the impact of the deviations from the global systems,” Ph.D. - Doctoral Program, Middle East Technical University, 2015.