This paper gave an overview introduction about umbrella partnership real estate investment trust (UPREIT) to the readers who are not related to real estate and accounting major. To show how UPREIT defer capital gain t...This paper gave an overview introduction about umbrella partnership real estate investment trust (UPREIT) to the readers who are not related to real estate and accounting major. To show how UPREIT defer capital gain taxes,makes good cash flow and maximize profit in real estate finance,the paper included the theory and structure of UPREIT(real estate investment trust),partnership issues,advantage and disadvantage,and created a proforma to demonstrate how UPREIT works.展开更多
Base on panel data of manufacturing and high-tech industry companies which discoursed R ＆ D expenditure in financial statements from 2004 to 2011, this paper studies the relationship between debt financing and corpor...Base on panel data of manufacturing and high-tech industry companies which discoursed R ＆ D expenditure in financial statements from 2004 to 2011, this paper studies the relationship between debt financing and corporate R ＆ D expenditure under different grow opportunities by using the robust fixed effects that Daniel Hoechle proposed m 2007. The results show that there is not a ＂increasing first, decreasing later＂ non-linear relationship but a ＂double negative＂ relationship between debt level and corporate R ＆ D expenditure. And the ＂double negative＂ relationship has a different mechanism in different growth companies.展开更多
In this paper, the determinants of the voluntary disclosure level of firms have been investigated during a period of deep financial crisis. Two disclosure indexes used as dependent variables are proposed： a global in...In this paper, the determinants of the voluntary disclosure level of firms have been investigated during a period of deep financial crisis. Two disclosure indexes used as dependent variables are proposed： a global index based on both quantitative and qualitative disclosure and a solely quantitative voluntary index. Firstly, the explanatory variables have been selected taking into account the main contributions of international literature. In addition, some specific variables have been introduced in order to take into account the peculiarities of Italian market system and the ongoing financial crisis. A positive relationship has been found among the global voluntary disclosure （GVD） and the number of employees, the dividend policy, and the presence of independent directors on the board. On the contrary, a negative correlation with respect to the percentage of the firm＇s outstanding shares held by directors （not independent） exists. With reference to the quantitative voluntary disclosure （QVD） index, there is a positive correlation with the number of employees, the dividend policy, the market floating, and the incidence of intangible assets. Moreover, such （quantitative） a disclosure is different depending on the industrial membership sector.展开更多
文摘This paper gave an overview introduction about umbrella partnership real estate investment trust (UPREIT) to the readers who are not related to real estate and accounting major. To show how UPREIT defer capital gain taxes,makes good cash flow and maximize profit in real estate finance,the paper included the theory and structure of UPREIT(real estate investment trust),partnership issues,advantage and disadvantage,and created a proforma to demonstrate how UPREIT works.
文摘Base on panel data of manufacturing and high-tech industry companies which discoursed R ＆ D expenditure in financial statements from 2004 to 2011, this paper studies the relationship between debt financing and corporate R ＆ D expenditure under different grow opportunities by using the robust fixed effects that Daniel Hoechle proposed m 2007. The results show that there is not a ＂increasing first, decreasing later＂ non-linear relationship but a ＂double negative＂ relationship between debt level and corporate R ＆ D expenditure. And the ＂double negative＂ relationship has a different mechanism in different growth companies.
文摘In this paper, the determinants of the voluntary disclosure level of firms have been investigated during a period of deep financial crisis. Two disclosure indexes used as dependent variables are proposed： a global index based on both quantitative and qualitative disclosure and a solely quantitative voluntary index. Firstly, the explanatory variables have been selected taking into account the main contributions of international literature. In addition, some specific variables have been introduced in order to take into account the peculiarities of Italian market system and the ongoing financial crisis. A positive relationship has been found among the global voluntary disclosure （GVD） and the number of employees, the dividend policy, and the presence of independent directors on the board. On the contrary, a negative correlation with respect to the percentage of the firm＇s outstanding shares held by directors （not independent） exists. With reference to the quantitative voluntary disclosure （QVD） index, there is a positive correlation with the number of employees, the dividend policy, the market floating, and the incidence of intangible assets. Moreover, such （quantitative） a disclosure is different depending on the industrial membership sector.
