Departments: Quick Study

"We find that the use of unsecured debt by REIT managers is associated with lower leverage and higher remaining debt capacity. This improves financial flexibility and supports firm value."

With funding liabilities on the rise, pension funds are under increased pressure to maximize returns and generate steady income.

Private equity investments have gained in popularity among institutional investors over recent years. This is due in part to the great success enjoyed by endowments such as Yale and Harvard, which were early investors in non-marketable assets.

Dirk Brounen is professor of real estate economics at Tilburg University in the Netherlands.

Sheridan Titman and Garry Twite collaborate in the finance department of the University of Texas at Austin.

Michael J. Seiler is the Robert M. Stanton Endowed Chair and professor of finance and real estate at Old Dominion University and editor of Real Estate Finance. 

Jay Hartzell is professor and chair of the Department of Finance, and executive director of the Real Estate Finance and Investment Center at the University of Texas at Austin.

Simon Stevenson is professor of real estate finance at the Henley Business School, University of Reading.