Author： Edelstein Robert Urošević Branko Wonder Nicholas
Publisher： Springer Publishing Company
ISSN： 0895-5638
Source： The Journal of Real Estate Finance and Economics, Vol.30, Iss.4, 2005-06, pp. : 447-466
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Abstract
This paper studies the effects that benefits of control and moral hazard have on the evolution of large stakes in REITs. A large risk-averse shareholder trades off the net benefits of REIT business monitoring and control with the cost of bearing risk beyond the level compensated by the REIT return premium. In equilibrium, the large shareholder
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