TAILIEUCHUNG - The Effect of Corporate Governance on Investment: Evidence from Real Estate Investment Trusts (REITs)

The trend in typical calls to our Regulatory Helpline shows a growing maturity in BSA/AML compliance. It is important to remember that the BSA/AML regulatory scheme is still relatively young; SAR filing for depository institutions has only been in place since 1996, and more recently for other industries. Nevertheless, we can see from the types of calls we get that compliance professionals are becoming more comfortable with the technical aspects of filing and are focusing more on how to work more effectively with law enforcement to help catch criminals. Again, to demonstrate the importance of reciprocal benefits, we present. | The Effect of Corporate Governance on Investment Evidence from Real Estate Investment Trusts REITs Jay C. Hartzell Libo Sun Sheridan Titman March 2004 Abstract This study investigates the relation between governance mechanisms and firms investment choices using a sample of Real Estate Investment Trusts REITs . Since REITs provide a relatively accurate measure of Tobin s q a transparent structure and generally less asymmetric information about their investment opportunities they provide an especially good sample to evaluate these issues. In contrast to earlier studies we fail to find a strong relation between corporate governance mechanisms and Tobin s q. However we do find evidence that the responsiveness of REITs investment expenditures to their opportunities depends on their corporate governance structures. In particular the investment choices of REITs are more closely tied to Tobin s q if they have greater institutional ownership. All three authors are from the McCombs School of Business The University of Texas at Austin. Please address correspondence to Jay Hartzell Department of Finance UT-Austin 1 University Station B6600 Austin TX 78712 phone 512 471-6779 email . We would like to thank Hamid Mehran and seminar participants at The University of Texas at Austin for helpful comments. The usual disclaimer applies. The Effect of Corporate Governance on Investment Evidence from Real Estate Investment Trusts REITs Abstract This study investigates the relation between governance mechanisms and firms investment choices using a sample of Real Estate Investment Trusts REITs . Since REITs provide a relatively accurate measure of Tobin s q a transparent structure and generally less asymmetric information about their investment opportunities they provide an especially good sample to evaluate these issues. In contrast to earlier studies we fail to find a strong relation between corporate governance mechanisms and Tobin s q. However we do find

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