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Article
Publication date: 1 December 2006

K. Michael Casey, Glenna Sumner and James Packer

This study sets out to focus on the identification of determinants of real estate limited partnership (REIT) capital structure from a market perspective.

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Abstract

Purpose

This study sets out to focus on the identification of determinants of real estate limited partnership (REIT) capital structure from a market perspective.

Design/methodology/approach

This study uses ordinary least squares regression to test whether REIT capital structure is impacted by various market variables.

Findings

The findings indicate that investors do appear to be attracted to specific debt characteristics of REITs or, simply put, REIT capital structure is influenced by market factors. REIT debt levels appear to be directly influenced by the price‐to‐book ratio and are inversely related to the percentage of institutional ownership and price‐to‐cash flow. Forecast growth rates do not appear to significantly influence debt while the type of REIT (mortgage, retail, etc.) does appear to influence the level of debt.

Research limitations/implications

Small sample size limits applicability of results, so further research with larger datasets is appropriate.

Practical implications

Investors do appear to consider capital structure when purchasing REITs. REIT managers should consider this when determining whether to incur additional debt.

Originality/value

The determination of various market factors linked to REIT capital structure.

Details

Managerial Finance, vol. 32 no. 12
Type: Research Article
ISSN: 0307-4358

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Article
Publication date: 20 April 2010

Glenna Sumner and Anita Williams

This paper aims to explain the economic impact of the change in the degree of contract enforcement in the USA since August 2008. This change, from solid enforcement (hard…

Abstract

Purpose

This paper aims to explain the economic impact of the change in the degree of contract enforcement in the USA since August 2008. This change, from solid enforcement (hard contracts), to uncertain enforcement (fuzzy contracts), is a result of political expediency during an economic crisis. The purpose of the paper is to point out that political decisions are not made in an economic vacuum, and that there is an economic impact to the move away from hard contracts.

Design/methodology/approach

The paper uses a time value of money, net present value approach with specific emphasis on the investor's adjustment to the required rate of return in the face of uncertain contract enforcement. Both closed and open economic systems are addressed.

Findings

The paper finds that in the shift to a fuzzy contract environment, investors will increase the required rate of return on future investment contracts, thereby lowering the value of those assets. Both individually, and in the aggregate, asset values will fall.

Research limitations/implications

The paper makes no attempt to evaluate reasons for or against the institutional changes that produced the move to fuzzy contracts. The paper examines only the resulting impact of the change on asset valuations.

Practical implications

Reducing the certainty of contract enforcement reduces asset valuations and investment.

Originality/value

This paper fulfills a need to be cognizant of the fact that actions of politicians can have unintended economic consequences, using the specific example of the shift in contract enforcement in the USA since August 2008.

Details

Journal of Financial Economic Policy, vol. 2 no. 1
Type: Research Article
ISSN: 1757-6385

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Article
Publication date: 20 April 2010

James Barth and John Jahera

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264

Abstract

Details

Journal of Financial Economic Policy, vol. 2 no. 1
Type: Research Article
ISSN: 1757-6385

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Article
Publication date: 5 November 2021

Amit Sharma, Phillip M. Jolly, Robert Magneson Chiles, Robin B. DiPietro, Angeline Jaykumar, Hema Kesa, Heather Monteiro, Kevin Roberts and Laure Saulais

Moral aspects of food are gaining increased attention from scholars due to growing complexity of the food system. The foodservice system is a complex arrangement of…

Abstract

Purpose

Moral aspects of food are gaining increased attention from scholars due to growing complexity of the food system. The foodservice system is a complex arrangement of stakeholders, yet has not benefited from similar scholarly attention on the moral facets. This gap is of significance given that the foodservice system has increased in importance with the larger proportion of food consumed in foodservice environments. This paper aims to focus on the foodservice system with the goal of applying moral perspectives associated with the theoretical discussion on the principles of food ethics.

Design/methodology/approach

Food ethics is described within the theoretical framework of three principles, namely, autonomy, justice and well-being. These ethical principles are reviewed in context of the foodservice system comprised of food distribution (supply chains), preparation (foodservice establishments) and consumption (consumer demand). The review also includes international perspectives on foodservice system ethics to assess relativism (versus universalism) of moral issues.

Findings

As the foodservice system increases in complexity, greater discussion is needed on the ethics of this system. This study observes that ignoring ethical principles can negatively impact the ability of consumers, businesses and communities to make informed choices, and on their well-being. Alternatively, a focus on understanding the role of food ethics can provide an anchor for research, practice and policy development to strengthen the foodservice system. While these moral principles are universal truths, they will require relative introspection globally, based on local experiences.

Originality/value

This paper presents a moral principle-based description of food ethics that incorporates the various components of the expanding foodservice system.

Details

International Journal of Contemporary Hospitality Management, vol. 34 no. 1
Type: Research Article
ISSN: 0959-6119

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