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| REITs as Captive-Financing Affiliates:
Impact on Financial Performance Author: Cheng-Ho Hsieh and C.F. Sirmans Start Page: 179 Abstract: Some real estate
investment trusts are created as "captive-financing" affiliates by their
sponsors. This creates conflicts of interest between the sponsor/manager and shareholders.
Such conflicts could affect the financial performance of the firm. Using data on a sample
of REITs, results show that captive-financing REITs' financial performance is on average
inferior to that of non-captive REITs. |
