文章基本信息

标题：The Impacts of Tax Reforms on REITs. An International Empirical Study
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作者：Yishuang Xu ; Chung Yim Yiu
期刊名称：Academic Journal of Economic Studies
印刷版ISSN：2393-4913
电子版ISSN：2393-4933
出版年度：2017
期号：1
页码：11-22
语种：English
出版社：Editura Universitara
摘要：Tax exemption is one of the REIT’s most unique characteristics. To improve the development of REITs market, the Congress had passed several Tax Reform Acts. Plenty of previous study had already explored the effects of tax legislation changing on REITs market. However the findings had not come to consensus. This might because most of them explored this topic by event study, which cannot control other events happening on the even dates. This paper tries to avoid the complications encountered in previous research by investigating the tax reform effects through the normal panel model with the data in the United States and then retest the hypothesis by a novel empirical model with panel market data in both U.S. and Australia. The results provide evidence that the Tax Reforms would truly affect the REIT’s performance with more solid empirical evidences. Furthermore, the results shed light on the tax policy and governance of a REITs market.