分解行业杠杆:房地产投资信托和科技硬件公司的特例

IF 1.5 3区经济学 Q3 BUSINESS, FINANCE

Journal of Financial Research Pub Date : 2023-05-10 DOI:10.1111/jfir.12332

Wolfgang Breuer, Linh D. Nguyen, Bertram I. Steininger

{"title":"分解行业杠杆:房地产投资信托和科技硬件公司的特例","authors":"Wolfgang Breuer, Linh D. Nguyen, Bertram I. Steininger","doi":"10.1111/jfir.12332","DOIUrl":null,"url":null,"abstract":"<p>Different industries exhibit significantly different leverage; companies in the real estate investment trust (REIT) and technology/hardware sectors are extreme examples. In the United States, the leverage ratio is twice as high for REITs (50%) as compared to non-real-estate firms (around 25%), and the technology/hardware sector has the lowest ratio (around 17%). We theoretically and empirically analyze their differences. By decomposing the difference into three channels, we find that the industry-specific channel explains around 67% for REITs and 68% for technology/hardware firms; the value-based channel is mostly responsible for the remaining portion. Taking the nonlinear influences of extreme values into account, the relevance of the industry-specific channel is considerably reduced.</p>","PeriodicalId":47584,"journal":{"name":"Journal of Financial Research","volume":null,"pages":null},"PeriodicalIF":1.5000,"publicationDate":"2023-05-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/jfir.12332","citationCount":"0","resultStr":"{\"title\":\"Decomposing industry leverage: The special cases of real estate investment trusts and technology & hardware companies\",\"authors\":\"Wolfgang Breuer, Linh D. Nguyen, Bertram I. Steininger\",\"doi\":\"10.1111/jfir.12332\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<p>Different industries exhibit significantly different leverage; companies in the real estate investment trust (REIT) and technology/hardware sectors are extreme examples. In the United States, the leverage ratio is twice as high for REITs (50%) as compared to non-real-estate firms (around 25%), and the technology/hardware sector has the lowest ratio (around 17%). We theoretically and empirically analyze their differences. By decomposing the difference into three channels, we find that the industry-specific channel explains around 67% for REITs and 68% for technology/hardware firms; the value-based channel is mostly responsible for the remaining portion. Taking the nonlinear influences of extreme values into account, the relevance of the industry-specific channel is considerably reduced.</p>\",\"PeriodicalId\":47584,\"journal\":{\"name\":\"Journal of Financial Research\",\"volume\":null,\"pages\":null},\"PeriodicalIF\":1.5000,\"publicationDate\":\"2023-05-10\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"https://onlinelibrary.wiley.com/doi/epdf/10.1111/jfir.12332\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Journal of Financial Research\",\"FirstCategoryId\":\"96\",\"ListUrlMain\":\"https://onlinelibrary.wiley.com/doi/10.1111/jfir.12332\",\"RegionNum\":3,\"RegionCategory\":\"经济学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q3\",\"JCRName\":\"BUSINESS, FINANCE\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Journal of Financial Research","FirstCategoryId":"96","ListUrlMain":"https://onlinelibrary.wiley.com/doi/10.1111/jfir.12332","RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q3","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}

引用次数: 0

摘要

不同行业的杠杆率差异显著;房地产投资信托基金(REIT)和技术/硬件行业的公司是极端的例子。在美国，房地产投资信托基金的杠杆率(50%)是非房地产公司(约25%)的两倍，而技术/硬件行业的杠杆率最低(约17%)。我们从理论上和经验上分析了它们的差异。通过将差异分解为三个渠道，我们发现行业特定渠道解释了REITs约67%和技术/硬件公司68%的差异;基于值的通道主要负责其余部分。考虑到极值的非线性影响，行业特定渠道的相关性大大降低。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

Decomposing industry leverage: The special cases of real estate investment trusts and technology & hardware companies

查看原文本刊更多论文

Decomposing industry leverage: The special cases of real estate investment trusts and technology & hardware companies

Different industries exhibit significantly different leverage; companies in the real estate investment trust (REIT) and technology/hardware sectors are extreme examples. In the United States, the leverage ratio is twice as high for REITs (50%) as compared to non-real-estate firms (around 25%), and the technology/hardware sector has the lowest ratio (around 17%). We theoretically and empirically analyze their differences. By decomposing the difference into three channels, we find that the industry-specific channel explains around 67% for REITs and 68% for technology/hardware firms; the value-based channel is mostly responsible for the remaining portion. Taking the nonlinear influences of extreme values into account, the relevance of the industry-specific channel is considerably reduced.

求助全文

通过发布文献求助，成功后即可免费获取论文全文。去求助

来源期刊

Journal of Financial Research BUSINESS, FINANCE-

CiteScore

1.70

自引率

0.00%

发文量

期刊介绍： The Journal of Financial Research(JFR) is a quarterly academic journal sponsored by the Southern Finance Association (SFA) and the Southwestern Finance Association (SWFA). It has been continuously published since 1978 and focuses on the publication of original scholarly research in various areas of finance such as investment and portfolio management, capital markets and institutions, corporate finance, corporate governance, and capital investment. The JFR, also known as the Journal of Financial Research, provides a platform for researchers to contribute to the advancement of knowledge in the field of finance.