Debt financing and real estate investment timing decisions

被引：6

作者：

Marseguerra, Giovanni

Cortelezzi, Flavia ^{[1
]}

机构：

[1] Univ Insubria, Como, Italy

来源：

JOURNAL OF PROPERTY RESEARCH | 2009年 / 26卷 / 03期

关键词：

debt financing; real estate investment timing decisions;

D O I：

10.1080/09599911003669625

中图分类号：

TU98 [区域规划、城乡规划];

学科分类号：

0814 ; 082803 ; 0833 ;

摘要：

The paper analyses the interaction between investment and financing decisions in a real option framework. In our model, the owner of an undeveloped real estate property (the asset in place) has the option to decide whether and when to develop/abandon his property. We show that debt financing induces the firm to invest earlier than in the pure equity financing case. Moreover, the incentive to anticipate the investment decisions increases with the amount of debt.

引用

页码：193 / 212

页数：20

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