资讯不对称如何影响REIT投资?资本成本、绩效和高管薪酬

Zifeng Feng
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引用次数: 5

摘要

本研究利用美国股权型房地产投资信托基金(REITs)的信息,实证检验了信息不对称对企业层面投资行为的影响。我们发现,信息不对称水平较低的公司(以买卖价差和股票回报波动率衡量),其房地产投资、房地产投资和总资产的增长通常较高。那些信息不对称程度高的REITs在其财产收购和处置活动中也不太活跃,参与的并购也较少。此外,本文提供的证据表明,平均而言,信息不对称水平与资金成本呈正相关,与经营绩效负相关。最后,该研究阐明了使管理者的利益与利益相关者的利益保持一致的重要性,说明了信息不对称程度高的公司的高管比他们的同伴获得更高的总薪酬。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
How Does Information Asymmetry Affect REIT Investments? Cost of Capital, Performance, and Executive Compensation
This study empirically examines the impact of information asymmetry on the firm-level investment behaviors using the information on U.S. equity real estate investment trusts (REITs). We show that firms with lower levels of information asymmetry, measured as bid-ask spread and stock return volatility, generally experience higher growth on their real estate investment, property investment, and total assets. Those high information asymmetry REITs are also less active in their property acquisition and disposition activities, as well as involve in fewer mergers and acquisitions. Moreover, the paper provides evidence that the levels of information asymmetry are, on average, positively related to the cost of capital, and negatively related to operational performance. Lastly, the study sheds light on the importance of aligning interests of managers with those of stakeholders, by illustrating that executives in firms with a high level of information asymmetry receive higher total pays compared with their pairs.
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