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Determinants of REIT ratings: Evidence from the U.S. REIT market.

机译：REIT评级的决定因素：来自美国REIT市场的证据。

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摘要

"What determines bond ratings?" has been asked since 1860 when Henry V. Poor, of now Standard & Poors, released his first financial and operational analysis of the railroad industry and is still asked today. The determinants of bond rating studies date back to Fisher (1959) and single out various industries (railroad, manufacturing, industrial, and utility) but do not focus on REITs. REITs are different from other industries in various ways. Literature suggest differences between REITs and non-REIT industries including: the regulatory IRS restrictions regarding REITs, the uncertainty regarding the value of REITs, the number of uninformed investors is greater in the REIT market due to valuation uncertainty, REITs securities behave more like mutual fund securities than like industrial firm securities (Wang et al. (1992), (1995)), and the uncertainty about the value of real estate stocks is greater than that for stocks of industrial firms with operating assets, causing REIT advisors to complain that the stock market underestimates their real value more often than the real value of industrial firms (Hite, Owens, and Rodgers (1987)). This study analyzes the determinants of REIT debt ratings. The determinants are analyzed using ordered probit and multinomial logit regression models. The results of the ordered probit regression model reveal that REIT debt ratings are determined by similar financial characteristics used to analyze determinants for non-REIT industries. Similar to the findings in Horrigan (1966), the data also reveals that liquidity is not as significant to REIT debt ratings as S&P analyst claim. The multinomial logit resuts show that leverage, cash, size, interest coverage, and shareholders right plan are significant to downgrades. Overall, the findings presented here are consistent with non-REIT ratings literature.
机译：“决定债券评级的因素是什么？”自1860年问世以来，标准普尔的亨利·普尔（Henry V. Poor）便发布了他对铁路行业的首次财务和运营分析，并一直受到人们的质疑。债券评级研究的决定因素可以追溯到费舍尔（Fisher（1959）），并选择了各个行业（铁路，制造业，工业和公用事业），但并不关注房地产投资信托。 REIT在许多方面都与其他行业不同。文献表明房地产投资信托和非房地产投资信托行业之间的差异，包括：国税局对房地产投资信托的限制，房地产投资信托的价值的不确定性，由于估值不确定性而导致房地产投资信托市场中未知情的投资者数量增加，房地产投资信托的证券表现得更像共同基金证券而不是像工业公司的证券（Wang et al。（1992），（1995）），房地产股票价值的不确定性大于具有经营资产的工业公司股票的不确定性，导致房地产投资信托基金顾问抱怨说股票市场低估了它们的实际价值，而不是工业公司的实际价值（Hite，Owens和Rodgers（1987））。这项研究分析了房地产投资信托债务评级的决定因素。行列式使用有序概率和多项式logit回归模型进行分析。有序概率回归模型的结果表明，房地产投资信托的债务评级是由用于分析非房地产投资信托行业决定因素的类似财务特征决定的。与Horrigan（1966）中的发现相似，该数据还显示流动性对房地产投资信托的债务评级不如标准普尔分析师所声称的重要。多项式logit结果表明，杠杆，现金，规模，利息覆盖范围和股东权利计划对于降级具有重要意义。总体而言，此处提出的发现与非房地产投资信托评级文献一致。

著录项

  • 作者

    Dodd, Charod Dante.;

  • 作者单位

    Mississippi State University.;

  • 授予单位 Mississippi State University.;
  • 学科 Economics Finance.
  • 学位 Ph.D.
  • 年度 2012
  • 页码 150 p.
  • 总页数 150
  • 原文格式 PDF
  • 正文语种 eng
  • 中图分类
  • 关键词

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